Give an account of concurrent ownership in a multiple dwellingbuilding...

Give an account of concurrent ownership in aâ€‹ multiple-dwelling building.

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Give an account of concurrent ownership in aâ€‹ multiple-dwellingbuilding.

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Concurrent Ownership Concurrent ownership refers to a property that can be owned by more than one person at a given time There are several forms of concurrent ownership of property These include the main four known as tenancy in common tenancy in entirety joint tenancy and community property Tenancy in common Tenancy in common is a form of coownership in which two or more persons are each entitled to possession of the same real property Unlike a joint tenancy with the right of survivorship there is no right to survivorship in a tenancy in common A tenant in common may also have an unequal share of the common property For example if there are two tenants in common one could have a twothirds share and the other a onethird share of the property In tenancy in commonif one owner dies that persons ownership is inheritable It doesnt automatically pass to the other owners as it would with joint tenancy When two or more people own property as tenants in common all areas of the property are owned equally by the group The cotenants may have a different share of ownership interests Tenancy in common agreements may be created at any time So an individual may develop an interest in a property years after the other members have entered into a tenancyincommon agreement Advantage Even though you may own just 25 percent of a property held as a See Answer

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