|
Title to property (usually real property,
but it can apply to personal property) held
by two or more persons, in which each has an
"undivided interest" in the property
and all have an equal right to use the property,
even if the percentage of interests are not
equal or the living spaces are different sizes.
Unlike "joint tenancy," there is no
"right of survivorship" if one of
the tenants in common dies, and each interest
may be separately sold, mortgaged or willed
to another. Thus, unlike a joint tenancy interest,
which passes automatically to the survivor,
upon the death of a tenant in common there must
be a probate (court supervised administration)
of the estate of the deceased to transfer the
interest (ownership) in the tenancy in common michigan survivor right joint tenancy
|