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Jack, Jerry, and Joe purchased a property together in the type of ownership known as tenancy in common.
Define tenancy in common.
Equal or unequal undivided ownership between two or more people is referred to as tenancy in common. This sort of ownership is distinguished by the fact that if one owner passes away, their share is transferred to their heirs rather than the remaining owners who are still alive.
It is a formal agreement whereby two or more parties share ownership of a piece of real estate, like a house or a plot of land. A TIC's main characteristic is that each partner retains the option to leave their respective shares of the property to their descendants while also being able to sell their respective portions of the property.
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