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Law::
tenancy in common : A form of ownership whereby each tenant (ie owner) holds an undivided interest in property. Unlike a joint tenancy or tenancy by the entirety, the interest of a tenant in common does not terminate upon his or her prior death (ie there is no right of survivorship). Assume, for example, B and C acquire real estate as equal tenants in common, each having furnished one-half of the purchase price. Upon B’s prior death, his one-half interest in the property passes to his estate or heirs – HCB ● estate in common : An estate in lands held by two or more persons, with interests accruing under different titles; or accruing under the same title, but at different periods; or conferred by words of limitation importing that the grantees are to take in distinct shares – HCB ● coparcenary : An estate that arises when two or more persons jointly inherit from one ancestor, the estate being shared equally, in title and right of possession, by all. – Also termed parcenary. (Partition – A dividing of land held in joint tenancy, in coparcenary, or in common, between the parties entitled thereto; so that the estate in joint tenancy, coparcenary or common is destroyed, and each party has henceforth an undivided share. This may be done by agreement, by deed of partition, or compulsorily by an action in the Chancery Division – JBSr ● restricted ownership ● co-ownership : Ownership, possession, and enjoyment of property with one or more others; tenancy in common or joint tenancy ● joint tenancy : A tenancy with two or more co-owners who take identical interests simultaneously by the same instrument and with the same right of possession; a joint tenancy differs from a tenancy in common in that joint tenants each have a right of survivorship to the other’s share (in some states of the US, this right must be clearly expressed in the conveyance – otherwise the tenancy will be presumed to be a tenancy in common). ● tenancy in common : A tenancy by two or more persons, in equal or unequal undivided shares, who each have an equal right to possess the whole property but not right of survivorship ● joint ownership; ownership in common ● communio bonarum (Lat) : In the civil law, a community of goods ● condominium : 1. A single real-estate unit in a multi-unit development in which a person has both separate ownership of a unit and a common interest, along with the development’s other owners, in the common areas 2. joint sovereignty by two more nations (in this latter sense in Persian مالكيت مشترك)
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