{"id":926,"date":"2020-07-16T06:00:23","date_gmt":"2020-07-16T10:00:23","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=926"},"modified":"2024-04-25T23:20:30","modified_gmt":"2024-04-26T03:20:30","slug":"owning-property-in-unequal-shares-as-tenants-in-common","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/owning-property-in-unequal-shares-as-tenants-in-common\/","title":{"rendered":"Owning Property in Unequal Shares, as Tenants in Common"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/07\/tenancy-in-common-real-estate.jpg\" alt=\"Image of two people sitting at a table outside discussing being tenants in common owners of real estate.\" class=\"wp-image-927\" width=\"408\" height=\"272\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/07\/tenancy-in-common-real-estate.jpg 815w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/07\/tenancy-in-common-real-estate-300x200.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/07\/tenancy-in-common-real-estate-768x512.jpg 768w\" sizes=\"auto, (max-width: 408px) 100vw, 408px\" \/><\/figure><\/div>\n\n\n\n<p>A tenancy in common is a popular way for co-owners to take title to a home. This way of vesting offers an alternative to joint tenancy, in which a home is co-owned, but the owners split their interest evenly. Here, we talk about what a tenancy in common is, and why its allowance for co-owning in unequal shares can be a benefit.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">The Tenancy in Common: A Popular Choice for Co-Owners<\/h2>\n\n\n\n<p>When people acquire a property together, they should be ready to specify what form of <a href=\"https:\/\/www.deeds.com\/articles\/hows-your-property-vested-it-matters-as-much-as-your-will-or-trust\/\">vesting<\/a> will appear on the deed. In some states, the tenancy in common is the default vesting mode for married couples. In some states, it\u2019s the default mode for unmarried co-owners, so these owners become tenants in common unless they affirmatively pick another form of vesting.<\/p>\n\n\n\n<p>Tenants in common can be a pair of owners or a group. They\ncan be related to each other or unrelated. They can be spouses, siblings,\npartners or friends.<\/p>\n\n\n\n<p>When they decide to hold title to a home in a tenancy in\ncommon, can these co-owners divide ownership unequally? Can each co-owner pitch\nin for maintenance in different amounts?<\/p>\n\n\n\n<p>On both counts, yes:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The co-owners need to state their specific share\npercentages. This is sometimes overlooked by title companies \u2014 but the\nco-owners should have their own plan. Equal shares might not be optimal. Each\nowner can hold any percentage of the whole, and the deed will show each co-owner\u2019s\nownership percentage.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Unless otherwise agreed, co-owners share\nexpenses in proportion, too. When two or more people buy a house together, they\u2019ll\nlikely have different reasons and capacities for investing. We\u2019ll take a look\nat some scenarios in the next section.<\/li><\/ul>\n\n\n\n<p>Do the co-owners need to inhabit the home together? Only if\nthat\u2019s the plan. No one, legally speaking, is allowed to keep any part of the\nhome off-limits to the other co-owner(s). In other words, the co-owners, even\nif they hold unequal portions of the property, enjoy a right to of access to all\nof it. But they can buy a home together without any intention to physically\nshare it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Scenarios: Why Co-Buy<\/h2>\n\n\n\n<p>Many people decide to share equity in their homes. Payments and\nexpenses can be collaborative investments.<\/p>\n\n\n\n<p>Co-buying with a friend, business colleague, or sibling as\ntenants in common may help one or more of the co-buyers become homeowners. One\nowner might be on firmer financial ground than the other, and offer to be a\nco-buyer in order to help the other buy. The plan might involve refinancing\nlater, in order to transfer the title into sole ownership, without the benefactor.<\/p>\n\n\n\n<p>A lender may want the additional co-signer on the loan to be\na co-owner, so the financially stronger person has a stake in the asset. In\nthis case, the primary buyer will live in the house, pay for the house, make\nall mortgage and tax payments, and take full responsibility for repairs,\nhomeowner\u2019s association dues, landscaping, and so forth. \u201cOwner B\u201d will pay\nnothing, and is only in the tenancy in common to help \u201cOwner A\u201d buy and have real\nestate. \u201cOwner B\u201d may take the lower percentage of ownership the lender allows.\nLater, when \u201cOwner A\u201d achieves sole ownership, only the smaller portion needs\nto be conveyed from B to A, so the new sole owner will have a lower transfer\ntax.<\/p>\n\n\n\n<p>These co-owners should think through every what-if scenario.\nWhat if \u201cOwner B\u201d passes away before the refinancing and transfer to sole\nownership is complete? Did the co-owners create a legal agreement, explaining\nwhat should happen to the property if one co-owner dies during a temporary\nco-ownership? By default, the house will go into probate.<\/p>\n\n\n\n<p>Another reason for co-buying with a small ownership\npercentage could involve a condo purchase. Condo properties generally limit the\nrenting of units and restrict owner-investors to some extent. A tenancy in\ncommon with unequal interests can be a workaround for the investor\u2014if the\nmortgage lender approves of the ownership disparity on the deed. <\/p>\n\n\n\n<p>For more on mortgages, read on.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How the Mortgage Works for a Tenancy in Common<\/h2>\n\n\n\n<p>If co-owners are taking title without having to finance the\nhome, their unequal ownership percentages are up to them. They could have 99%\nand 1% interests; they tenancy in common allows for it. But if the house is\nfinanced, a lender is unlikely to let one borrower have minimal rights to the\nasset\u2019s value. The point of requiring co-owners is to have everyone on the loan\nshare responsibility for paying it back. <\/p>\n\n\n\n<p>Ultimately, the lender wants the option to claim the whole\nproperty in the event of default\u2014thus, banks like co-signers to be co-owners. In\nreality, though, just one person might be paying the mortgage, and the other is\non the deed in name only. \u201cOwner B,\u201d the Good Samaritan co-borrower, should be\naware that no one is exempt from responsibility for paying off the mortgage,\nand prepare for that unintended possibility. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Selling: What Happens When a Co-Owner Wants Out<\/h2>\n\n\n\n<p>When co-owners buy a home in a mutually beneficial\nagreement, they can later sell and divide the proceeds according to their share\npercentages. But tenants in common do not need to all be on board with selling at\nthe same time. The co-owners in a tenancy in common:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Can <\/em><\/strong>sell or take a loan out against\ntheir own share.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Can <\/em><\/strong>sell their own interests in\nthe property without the other owners\u2019 consent.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Cannot<\/em><\/strong> sell the entire property\n(forcing the others to sell) without the others\u2019 consent. <\/li><\/ul>\n\n\n\n<p>People can come into, as well as leave, the agreement. At\nany time, a new co-owner may come on board. At this time, the current group\nwill need to convey their deed to the new, larger group\u2014while leaving their\noriginal agreement intact. <\/p>\n\n\n\n<p>Unmarried tenants in common must pay tax when selling the property in whole or in part. Yet owners who make capital gains from the sale are eligible to <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc701\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">exclude up to $250,000<\/a> of that profit from income tax, if they meet the IRS requirements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Last Wishes: What Happens When a Co-Owner Passes<\/h2>\n\n\n\n<p>A tenancy in common differs from a joint tenancy with rights\nof survivorship. Should one of the owners pass away during the tenancy in\ncommon, that property interest winds up in probate, in the deceased homeowner\u2019s\nestate. Put in another way, tenants in common may leave their portions of the\nproperty to any beneficiaries they designate in their wills.<\/p>\n\n\n\n<p>Upon any co-owner\u2019s death, the living co-owners could wind\nup sharing ownership of the home with a beneficiary they do not know. This\nproblem can be averted through a consultation with a wills and estates lawyer\nearly in the process. <\/p>\n\n\n\n<p>In short, co-owners:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Can<\/em><\/strong> pass their ownership shares to\ntheir named beneficiaries; and <\/li><li><strong><em>Cannot <\/em><\/strong>automatically pass the\nright of survivorship when they pass away.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">The Co-Ownership Agreement<\/h2>\n\n\n\n<p>It can be well worth the time to hammer out a co-ownership\nagreement so the owners agree on how they will behave in certain situations. If\nthe state in which the home exists allows it, co-owners in the tenancy in\ncommon may forge a written agreement to let one co-owner live in the house exclusively.\nThey can also allocate responsibility for repairs and expenses. <\/p>\n\n\n\n<p>It helps to lay out in writing:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>What percentages in ownership shares the\nco-owners hold.<\/li><li>Who will live in the house.<\/li><li>How the rooms will be allocated if more than one\nowner will live in the house.<\/li><li>Who is responsible for various up-front&nbsp;costs\nduring the buying process.<\/li><li>Who will cover the monthly mortgage loan\npayments, insurance, association fees, taxes, and other normal expenses. <\/li><li>Who will handle other responsibilities desired\nby the group.<\/li><li>A date by which refinancing and title transfer\nmust occur if, for example, one owner is expected to achieve improved financial\nfooting and become the sole owner.<\/li><li>How the parties intend to bequeath their interests\nshould one of them pass away. &nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p>With a good mutual understanding from the outset, a collaborative\nownership can be a pleasure for all involved. Your names will be inscribed the home\u2019s\nchain of title together for eternity. Here\u2019s to a strong and healthy\nrelationship!<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credit: \u00a0Lilibeth Bustos Linares, <a href=\"https:\/\/unsplash.com\/photos\/xHpy6nS7z1A\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">via Unsplash<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A tenancy in common is a popular way for co-owners to take title to a home. This way of vesting offers an alternative to joint tenancy, in which a home is co-owned, but the owners split their interest evenly. Here, we talk about what a tenancy in common is, and why its allowance for co-owning [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[114,66],"tags":[],"class_list":["post-926","post","type-post","status-publish","format-standard","hentry","category-tenants-in-common","category-vesting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Owning Property in Unequal Shares, as Tenants in Common - Deeds.com<\/title>\n<meta name=\"description\" content=\"Here, we talk about what a tenancy in common is, and why its allowance for co-owning in unequal shares can be a benefit. 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