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What is the significance of owning a property under Tenancy-In-Common?

April 26, 2017owning Property significance tenancy-in-common

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What is the significance of owning a property under Tenancy-In-Common?

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There is no “Right of Survivorship”. The deceased co-owners interest in the property does not pass automatically to the remaining surviving co-owner(s). The co-owner’s interest can be distributed in accordance with his will (if any) or the provisions of the Intestate Succession Act.