2. Transfer of Common Tenancy- Joint tenancy vs tenants in common
Tenants in common have the option of selling their respective shares of the property. Accordingly, owner A may sell his 50% interest while owner B keeps her 50%. Inheritances follow the same rules.
Owner B would continue to own her share of the property if Owner A passed away, but Owner A’s heirs would acquire his ownership rights. When co-owners of a property are strangers to one another,
Tenants in common have the option of selling their respective shares of the property. Accordingly, owner A may sell his 50% interest while owner B keeps her 50%. Inheritances follow the same rules.
Owner B would continue to own her share of the property if Owner A passed away, but Owner A’s heirs would acquire his ownership rights. When co-owners of a property are strangers to one another,
A co-tenant or co-tenants buy each other out. The property is sold, and the owners are given a share of the revenues. The filing of a partition action enables an heir to sell their interest. Former tenants in common now have the option, if they so want, to execute a legal instrument creating a joint tenancy.
