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:
- 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.