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What is tenants in common? Why do you need to know this definition? The MoneySense Glossary is your resource for learning and understanding financial terms.
Tenants in common is a form of property ownership where each owner has a specific share of a property. When one owner dies, their share passes to their heirs, not automatically to a co-owner as it would if the property were held in joint tenancy.
Example: “When couples split up, they often convert their joint tenancy to tenants in common, so that each person can pass their share of the property to the heirs of their choice.”
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