When purchasing property as tenants in common, what happens to the share of a deceased owner?

When purchasing property as tenants in common, what happens to the share of a deceased owner?

• A. The share passes to the surviving co-owners
• B. The share is passed on to the deceased owner's heirs
• C. The share is divided among all owners equally
• D. The share is sold at public auction

Answer: (B)

When purchasing property as tenants in common, the share of a deceased owner is passed on to the deceased owner's heirs. This characteristic differentiates tenants in common from joint tenancy, where the share of a deceased owner automatically transfers to the surviving co-owners through a right of survivorship. In a tenancy in common, each owner holds a distinct share of the property, which does not have to be equal, and upon death, that share becomes part of the deceased co-owner's estate. As a result, the share can be inherited according to the deceased's will or by intestate succession laws if there is no will. This ensures that the share is treated as a transferable asset, allowing heirs the right to occupy, sell, or otherwise manage their inherited interest in the property, independent of the other co-owners.

When purchasing property as tenants in common, the share of a deceased owner is passed on to the deceased owner's heirs. This characteristic differentiates tenants in common from joint tenancy, where the share of a deceased owner automatically transfers to the surviving co-owners through a right of survivorship. In a tenancy in common, each owner holds a distinct share of the property, which does not have to be equal, and upon death, that share becomes part of the deceased co-owner's estate. As a result, the share can be inherited according to the deceased's will or by intestate succession laws if there is no will. This ensures that the share is treated as a transferable asset, allowing heirs the right to occupy, sell, or otherwise manage their inherited interest in the property, independent of the other co-owners.