Laramie, Wyoming Real Estate: Tenants in Common
In Wyoming, taking Title as Tenants in Common is one of the eight standard options. The BASIC concepts of a Tenancy in Common as described in "The Language of Real Estate" by John W. Reilly (2006, by Dearborn Financial Publishing, Inc) are:
- It is the most commonly held form of co-ownership
- Each entity or person with ownership interest can be referred to as a co-tenant
- Each co-tenant has an undivided interest in the whole property
- Each co-tenant is entitled to undivided possession of the property according to his or her proportionate share
- Ownership interest is considered to be equal among co-tenant unless conveyance documents indicate otherwise
- No right of survivorship
- If one co-tenant dies their share will pass to heirs or beneficiaries (not the other co-tenants)
- The share of each co-tenant IS subject to probate if that co-tenant dies
- Any co-tenant can sell their share without the permission of the other co-tenants
- Since a co-tenant's share is subject to probate, it can create uncertainty if a co-tenant dies without a will or other arrangements.
As with Joint Tenancy, the concept of Tenancy in Common takes a full two pages to explain in the book cited above. So, again- only an attorney can advise whether or not Tenancy in Common might work for you.