TSEM9220 - Ownership and income tax: legal background: joint ownership - tenants in common
Property is held in the name of A and B. A and B are the legal owners.
In a tenancy in common, A and B are each entitled to a specific share in the property. The shares in which the property is owned may or may not be equal. For example A is entitled to 50% and B to 50%; or A is entitled to 75% and B to 25%. When property is held in this way, on the death of one tenant in common the deceased바카라 사이트™s share does not pass to the surviving owner. It forms part of the deceased바카라 사이트™s estate, and so passes to their successor under the terms of their will or the rules of intestacy.
Words of separation or 바카라 사이트˜severance바카라 사이트™ are likely to be used. These are words that indicate the property is to be held in shares, for example 바카라 사이트˜equally바카라 사이트™, 바카라 사이트˜in equal shares바카라 사이트™, 바카라 사이트˜half and half바카라 사이트™, 바카라 사이트™50/50바카라 사이트™, 바카라 사이트˜one third/two thirds바카라 사이트™, 바카라 사이트˜60%/40%바카라 사이트™.
Tenancy in common is the way that individuals who are not in a personal relationship are likely to own property. It would be unusual to find that they intended the survivorship rule to apply.