Instead of a singlehanded property purchase, people sometimes prefer options that allow them to share property costs and responsibilities. While some may do this for financial reasons, others may use this method as an investment vehicle. Either way, prospective co-owners may enter a tenants in common agreement with other interested purchasers to get the best value for money.
Anyone considering tenancy in common requires a legal agreement to protect the rights and interests of all involved parties. Whether the other party is a friend, family member, or spouse, prospective tenants in common should enter an agreement that specifies the tenancy relationship and defines each person’s rights, responsibilities, and obligations.