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Do Tenants in Common Owe Fiduciary Duties?
There are many different ways investors can co-own commercial real estate, and the rights and responsibilities vary within each type of ownership structure.
Can Tenants In Common Force a Sale?
Tenant in common is a frequently used joint ownership agreement for commercial and residential real estate. Commercial real estate investors often purchase individual interests in TIC properties to complete 1031 exchanges and defer capital gains taxes on the sale of investment properties.
Can Tenants In Common Have Unequal Shares?
A tenancy in common is a legal ownership structure that allows two or more people to jointly purchase and hold real estate. TIC properties offer several potential benefits for 1031 exchange investors seeking to defer capital gains from the sale of investment properties.
What Happens If One Of The Tenants In Common Passes Away?
There are three generally recognized forms of concurrent estates (which is defined as an estate in which each owner owns a share of the property): tenancy in common, joint tenancy, and tenancy by the entirety. In a joint tenancy, each owner has an undivided interest in the property and inherits the part of an owner who dies. Tenancy by the entirety (recognized in about half of states) is similar to joint tenancy in that the tenants have an undivided interest and right of survivorship. The significant difference is that this tenancy is only available to spouses, and it allows spouses to hold property as a legal unit.
Do Tenants In Common Pay Inheritance Tax?
A common question from someone inheriting a property held by Tenants-In-Common (TIC) is if there is a need to pay inheritance tax.
Can I Change From Joint Tenants To Tenants-In-Common?
There is no formal process that transitions from joint tenants to tenants-in-common. Instead, the joint tenants must be terminated and new tenants in common created. How simple the transition is depends on how you go about it. In this article, we’ll look at two methods for making the transition.
Petition To Partition: When Co-Tenants Just Can't Agree
Imagine the following. You decide to buy an office building with three other acquaintances through a tenant-in-common (TIC) agreement. The four of you like the idea that the TIC structure will allow you to choose a beneficiary to which your share can pass to, if you die.
“Survival” Isn’t Guaranteed: Understanding Joint Tenancy and Rights of Survivorship
Many legal set-ups are available when it comes to co-owning assets, whether those assets consist of real property, bonds, bank accounts, or even stamp collections. Determining the best vehicle for ownership, especially among many people or partners, depends on the relationship between the individuals, and what happens to the property if one of those individuals should die.
Is Probate Required For Jointly Owned Property?
Probate is the process of settling a person’s estate after they have died. During probate, a court oversees the distribution of assets left by a deceased person. Some joint ownership structures require probate, while others do not. In this article, we’ll look at each in detail.
Rights and Responsibilities of Joint Ownership
Owning property with multiple people can lead to complex scenarios. Before taking part in a property with multiple owners, it’s best to know what you are getting into, what your rights are, and options that are available to you when it’s time to sell the property.
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