Tenancy in Common
A way for two or more people to own property together, where each person owns a separate share that they can sell, give away, or leave to someone in their will.
What It Means
Tenancy in common is a form of shared property ownership where each owner holds a distinct share. Unlike joint tenancy, there is no right of survivorship – when one owner dies, their share goes to their heirs or whoever they name in their will, not automatically to the other owners.
Why It Matters
This form of ownership is common among business partners, siblings who inherit property together, or unmarried people who buy property together. Each owner can sell or transfer their share independently.
In Minnesota, if a deed does not specify the type of ownership, co-owners are presumed to be tenants in common.
Example
Three siblings inherit their parents’ lake cabin as tenants in common, each owning a one-third share. One sibling can sell their share to an outside buyer, or leave it to their children in a will, without needing permission from the other siblings.
Deeds, real estate purchases, inheritance situations, and investment properties.