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Click ‘Get Form’ to open the tenant in common document in the editor.
Begin by entering your name and address in the designated fields. This information identifies you as the Affiant.
In the next section, provide details about the joint tenant, including their name and the location of the real property. Ensure accuracy as this is crucial for legal purposes.
Attach a legal description of the property as indicated. You can easily upload documents directly from your device or Google Drive.
Document the date of death of your joint tenant and attach a copy of their death certificate for verification.
Confirm that you are the sole surviving joint tenant by filling out that section accurately.
Finally, sign and date the affidavit at the bottom, ensuring all information is complete before submission.

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What is the downside of tenants in common?

If you are buying a property with someone else and you have made unequal financial contributions, then you may be concerned about a 50-50 ownership. If so, you should consider buying as tenants in common instead. Or, you can put a legal agreement in place, such as a Cohabitation Agreement.

Are joint tenants or tenants in common better?

In a joint tenancy, a right of survivorship exists. This means that if one of the joint tenants dies, the property will automatically pass to the surviving joint tenant. On the other hand, tenants in common mean that two or more people co-own a property in defined shares that they can dispose of as they wish.

What are the disadvantages of common ownership?

Despite the many advantages, there are also potential drawbacks to consider with Co-Ownership. a) Limited Usage. b) Potential Main Residence. c) Reduced Control over Management. d) Need for Coordination among Co-Owners. e) Longer-Term Commitment.

Are tenants in common good?

Tenants in common is a good idea for couples or co-owners who want control over the handling of their share.

Is tenants in common a bad idea?

The Bottom Line. Although tenancy in common might seem like a favorable option for owning real estate, there are several disadvantages that you need to be aware of. Joint liability, the lack of right of survivorship, and more could make this kind of arrangement risky.