Understanding Tenancy in Real Property
Tenancy refers to the right of possession of real property. The term may denote either ownership or occupancy, where individuals or entities have rights and responsibilities tied to property usage and dwelling.
Types of Tenancy
Tenancy in Common
Tenancy in Common is a form of property co-ownership where each owner possesses a specific percentage of the property. These proportions can vary, and interest can be transferred or sold independently. If an owner passes away, their share becomes part of their estate and can be inherited according to their will.
Joint Tenancy
Joint Tenancy is another type of co-ownership, characterized by equal shares in the property. One of the key features of this arrangement is the right of survivorship; if one owner dies, their share automatically passes to the surviving owners, circumventing the probate process.
Frequently Asked Questions
What is tenancy at will?
Tenancy at will is a rental arrangement where the tenant occupies the property with the landlord’s consent, but without a fixed-term lease. Either party can terminate the agreement at any time.
How does tenancy differ from a lease?
While tenancy refers to both ownership and occupancy, a lease is a specific legal contract granting the tenant the right to use the property for a defined period under specific conditions.
Can tenancy be converted to ownership?
Yes, in some cases, tenants can negotiate with property owners to purchase the property, converting their tenancy into outright ownership.
Related Terms: lease, landlord, tenant, leasehold, real estate.
