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Jointly And Severally

Jointly and severally is a legal term that is used to describe a situation where two or more parties are responsible together and individually for a particular obligation or liability. In the context of tenants in common, it doesn’t typically apply directly, but I will explain how it might relate.

Tenants in common is a form of property ownership where two or more people own property together, each with a separate and distinct share. Unlike joint tenancy, where owners have a right of survivorship (if one owner dies, the others automatically inherit that owner’s share), in tenants in common, each owner’s share can be passed on to their heirs or designated beneficiaries.

Now, jointly and severally might come into play if the tenants in common are all signatories to a mortgage or other obligation related to the property. If they have agreed to be “jointly and severally liable” for the mortgage, for example, then each tenant could be held responsible for the entire amount of the mortgage, not just their proportionate share. If one tenant fails to meet their obligation, the lender could seek the full amount from any or all of the other tenants.

While this situation might arise with tenants in common, it’s not inherently a part of that form of ownership, and the specific legal obligations of the tenants would depend on the agreements they have entered into, such as a mortgage or a lease.