Do Owners As Tenants In Common Have Equal Voice In Ownership ?
Owners as tenants in common do not have equal voice in the tenancy. It depends mainly on the agreement of the tenancy. If the agreement says that the tenancy in common is based on 50 percent ownership, then the tenants share the rent in equal amounts. If one of the tenants has 40 percent ownership, then they pay rent equivalent to that amount. |
Basically, it is terms and conditions of the tenancy agreement that determine how much each tenant gets out of the income from property.
When it comes to making decisions about the property, or selling it and adding to it in any way, then every one has an equal voice. It can be changes of any kind. All the tenants in common can participate in it equally. If there are more than two tenants in common involved, then usually they have a committee of directors, and each tenant is a director. Any decision that needs to be made regarding the property has to be decided by the committee.
A tenant in common has the right to sell his share of property at any time. The buyer will be the new tenant in that case. However, when leasing it out, all the tenants in common should be in agreement with the occupant. Except for the amount they derive from the property, they have an equal right to express their opinions or make decisions about the property.
A tenant in common also has the right to transfer their share of the property to their successors under the same conditions and terms as mentioned in the original agreement.
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