Why Choose Tenants in Common?
When more than one person purchases a property together on one title, they are entering a tenants in common agreement. While each person may hold a different percentage of rights to the property, the title is named to everyone in the agreement. Co-tenants under this type of agreement do not have to be relate, do not have to co-habitate on the property, and there is no limit to how many people can enter the agreement together. Anyone can enter this type of tenancy deal, whether it be two brothers or fifty unrelated investors. Let’s consider a sample scenario of why this type of agreement may be used. Say Mike has stumbled across a great home that he would like to purchase, but he doesn’t have the money to buy it on his own or the time to keep up with the maintenance alone. He decides to purchase it along with a couple friends who will live with him as roommates. All of the roommates will have legal access to the home since they are on the title, but Mike perhaps holds 50% of the propert
