Tenants In Common

Business / Real Estate / Tenants In Common: A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property. This form is frequently found when the parties acquire title by descent or by will. Each cotenant is entitled to the undivided possession of the property, according to his or her proportionate share and subject to the rights of possession of the other tenants. No cotenant can exclude another cotenant, or claim ownership of a specific portion of the property. Each cotenant holds an estate in land by separate and distinct titles, but with unity of possession. Their interests may be equal, as in joint tenancy, or unequal. Where the conveyance document does not specify the extent of interest of each cotenant, there is a rebuttable presumption that the shares are equal. Unlike a joint tenancy, there is no right of survivorship in a tenancy in common. Therefore when one of the cotenants dies, the interest passes to his or her heirs or beneficiaries and not to the surviving tenants in common. The property interest of a tenant in common is thus subject to probate. Also, unlike joint tenancy, dower rights may exist in property held in common.

Other Words for Common

Common Adjective Synonyms: mutual, reciprocal, joint, shared
Common Noun Synonyms: ordinary, everyday, commonplace, prosaic,ual, familiar, customary, prevalent, frequent, run-of-the-mill, general, normal, standard, conventional, regular, routine, stock, average, proverbial, plain, simple, garden-variety, common or garden
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Other Income

Business / Finance / Other Income: Income from activities that are not undertaken in the ordinary course of a firm's business. MORE

Other Income Benefits

Health / Dentistry / Other Income Benefits: While disabled, an employee may be eligible for benefits from other sources. Benefits payable under the Long Term Disability plan may be reduced by other sources of income such as Social Security and MORE

Ote (Organisation For Timeshare In Europe)

Life Style / Time Shares / Ote (Organisation For Timeshare In Europe): A trade association in Europe composed of resort owners and developers. The OTE is similar to ARDA, but with more of an emphasis on consumer affairs. MORE

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