Laramie, Wyoming Real Estate: Tenants in Common

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Real Estate Agent with CENTURY 21 Real Estate Center, Inc., Laramie, Wyoming

Laramie, Wyoming Real Estate:  Tenants in Common

In Wyoming, taking Title as Tenants in Common is one of the eight standard options.  The BASIC concepts of a Tenancy in Common as described in  "The Language of Real Estate" by John W. Reilly (2006, by Dearborn Financial Publishing, Inc) are:
Frog Gripping Wall

  • It is the most commonly held form of co-ownership
  • Each entity or person with ownership interest can be referred to as a co-tenant
  • Each co-tenant has an undivided interest in the whole property
  • Each co-tenant is entitled to undivided possession of the property according to his or her proportionate share
  • Ownership interest is considered to be equal among co-tenant unless conveyance documents indicate otherwise
  • No right of survivorship
  • If one co-tenant dies their share will pass to heirs or beneficiaries (not the other co-tenants)
  • The share of each co-tenant IS subject to probate if that co-tenant dies
  • Any co-tenant can sell their share without the permission of the other co-tenants
  • Since a co-tenant's share is subject to probate, it can create uncertainty if a co-tenant dies without a will or other arrangements.

As with Joint Tenancy, the concept of Tenancy in Common takes a full two pages to explain in the book cited above. So, again- only an attorney can advise whether or not Tenancy in Common might work for you.  

 

*This information is intended only to provide further clarification of real estate issues in Laramie, Wyoming. I am not an attorney.  This article is not endorsed, approved or affiliated with Century 21 Real Estate Center, Inc.  Any consumer with questions about the real estate process should always consult an attorney of their own.

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Rainmaker
649,707
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

Brenda, this is good info for anyone looking to purchase a home without having the benefits of being in a marriage relationship.

Feb 23, 2011 08:11 PM #1
Rainer
357,517
Lauren Selinsky Perez
CA Coastal Estates- Monarch Bay Real Estate DP - Laguna Hills, CA
REO -CEO - CDPE - SHORT SALES - Woman Owned

Being married to a law guy ER'.... I send those questions to him... He is also my broker.. (i usually can answer, but leave it to him.... ;) Great post and love the graphics... What program do you use??? that little guy is cute...

Feb 24, 2011 03:01 AM #2
Rainmaker
182,858
Brenda Whitman
CENTURY 21 Real Estate Center, Inc., Laramie, Wyoming - Laramie, WY
Associate Broker, Laramie, Wyoming

Hi William - Very true!  More and more unmarried people are opting to buy homes together "nowadays". 

Hi Lauren - Very handy!  Sometimes, after I say "consult an attorney" after the hundredth time, I almost think it would be easier to get a law degree myself!  Then of course I come back to my senses...

Feb 24, 2011 11:14 AM #3
Rainmaker
1,000,416
Will Hamm
Hamm Homes - Centennial, CO

Brenda,  Great post,  This is a great way to learn about all the different way to take title

Feb 24, 2011 02:46 PM #4
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Rainmaker
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Brenda Whitman

Associate Broker, Laramie, Wyoming
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