Situated in Burr Bridge, Illinois, Codilis & Associates is a law firm specializing in the real estate industry, particularly in mortgage loans and creditor rights. Codilis and Associates advise their clients on various real estate issues, including land ownership and title to land.
A common tenancy is an ownership agreement backed up by law in which different individuals have ownership rights over land or any real estate, with each party owning an equal portion or a defined percentage of the property. Parties to this form of agreement are called tenants in common.
A tenancy in common agreement can be executed at any time; likewise, there is no restriction regarding when a person might decide to be a part of a tenancy in common. Because the property has been duly separated, a party to a tenancy might decide to sell out or use their portion of the property as collateral. In instances of death, a tenant in common can pass down their property to a duly identified beneficiary.
