Tenancy in Common in Oklahoma is a form of ownership where more than one person owns an interest in real property (land). With a tenancy in common, each owner may own a different percentage of the land. For instance, if two people owned a property as tenants in common, they could own equal interest (50/50) or one could own more than the other. Unlike land held in joint tenancy, when a tenant in common passes away, their interest does not automatically pass to anyone. Typically their ownership interest in the land will be held in their estate until it is passed by court order (either in probate or administration proceedings) or by other estate planning tools (such as a transfer on death deed or a trust.)
This article was written 2/1/2015 by Todd Willhoite, an attorney in Claremore, Oklahoma, specifically for the Oklahoma jurisdiction. A different result may occur in a different jurisdiction and the law does change, so it is important to seek competent legal and tax advice from professionals before acting on anything written in this article. Abby Law Offices Inc. is a law office that handles estate planning law in Claremore, Oklahoma.