In a tenancy in common, how is interest managed?

In a tenancy in common, each owner's interest is both transferable and distinct from that of the other co-owners. This means that an owner can sell, give away, or bequeath their share of the property without needing permission from the other co-owners. Each tenant in common has their own percentage of ownership, which can vary between owners. This structure provides flexibility because it allows interests to be divided and transferred independently.

For example, if one owner wishes to sell their share of the property to another individual, they can do so without the necessity of dissolving the tenancy in common or affecting the shares of the other co-owners. This is a key feature that differentiates a tenancy in common from other forms of co-ownership, such as joint tenancy, where ownership is equal and includes rights of survivorship.

Understanding that the interests of co-owners in a tenancy in common are not indivisible, not solely dictated by contract, and not limited to a primary owner highlights the unique characteristics of this type of ownership. Each owner has control over their portion, making it a practical option for individuals looking to co-own property while retaining the ability to manage their own interest independently.