Laramie, Wyoming Real Estate: Tenants in Common

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.