Definition of Tenancy in Common:
Orange County Tenancy in Common:
This is a way for two or more people to have equal ownership interests in an Orange County property. Each owner has the right to leave his or her share of the property to any beneficiary upon the owner's death. Each party (owner) in a tenancy-in-common agreement has the right to use the property even if the physical size of the stake is different.
Tenancy in Common is different than Joint Tenancy.
It is important to understand that tenancy in common is different than joint tenancy because the transfer of the property to a beneficiary in the event of an owner's death is different in each case. In a joint tenancy agreement, the title of the Orange County property is passed to the surviving owner, while in a tenancy-in-common agreement, the title can be passed to a beneficiary of the owner's choosing.