Marie Clark July 14 th , 2019 Tenancy in Common Essay GOV 360 Tenancy In Common Tenancy in common is sometimes referred to as joint ownership. This concept requires two or more parties to have ownership of a property. All owners of the specific property have the ability to manipulate their interest by selling, transferring, or passing own the property. “In this type of joint ownership, the owners may own different, unequal interests, such as two-thirds and one- third.” ( Liuzzo, 2018) Even with this limitation all owners have equal right to the property. An example of this type of ownership would be a group of family members that join together to purchase a property. They may purchase this property in the hopes of passing it down to their children and grandchildren. They would all be responsible for making payments on the property and in the event of their death their will would designate an heir to which their part of the property would be passed down to. This agreement would be terminated if the owner chooses not to pass
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