Note: BCP Real Estate is not a law firm and its employees/owners are not acting as your attorneys. The information contained on this website is provided for educational and informational purposes only and should not be construed as legal advice on any subject matter.
You may hear the term on your paperwork. So what does tenants in common mean? It describes how most heirs own property together. Here is what tenants in common means for selling your share.
First, see how it works. Several heirs each own a separate share. So you are tenants in common, not joint owners of one block. Each person controls their own portion.
Tenants in common and your right to sell
Because you hold property as tenants in common, your share is yours alone. So you can sell it without the others. They keep their shares, and a buyer takes yours. That is the key feature of tenants in common.
Next, know what it does not require. You do not need a group vote. You do not need everyone to agree. So one stubborn relative cannot trap you.
Then think about the lawsuit. As tenants in common, each owner can appear on a tax suit. So your name may show up over a shared property. Selling your share removes you from it.
Meanwhile, the rest stays with the others. They keep a new co-owner in your place. So your exit changes nothing for them but the name on your portion.
In short, tenants in common means you own your piece outright. That lets you sell it on your own terms.
What this means for you:
Tenants in common means each heir owns a separate share they can sell alone.
You do not need the others to agree, and selling removes you from the lawsuit.
If you want to be bought out of the lawsuit and have your name removed, no cost to you, call or text us at (469) 708-8003 today.
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