Taking Title as Tenants in Common, Laramie, WY

By
Real Estate Broker/Owner with Live in Laramie Real Estate, Laramie, Wyoming WY #12296

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:
Frog Gripping Wall

  • 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.  

 

Posted by

Brenda Whitman, Broker/Co-owner                                                Office Phone: 307.460.3298

Live in Laramie Real Estate                                                                Cell Phone: 307.399.5477

302 S 2nd Street, Suite 206                                                      E-mail: brenda@liveinlaramie.com

Laramie, Wyoming  82070                                                       Office Website:  www.liveinlaramie.com

Comments (2)

Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Great post funny part is many agents would not past the test if you asked them... on a side note Buyers need to know this, Endre

Jan 22, 2018 10:08 PM
Brenda Whitman, Live in Laramie Real Estate
Live in Laramie Real Estate, Laramie, Wyoming - Laramie, WY
Broker/Co-Owner, Laramie, Wyoming

It's all so technical, isn't it, Endre?!

Jan 22, 2018 10:50 PM