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Interesting Questions
Tenants in common is a form of shared ownership where multiple individuals, in this case parents in Hawaii, own a property together.
In Hawaii, when parents choose tenants in common, each parent has a distinct and separately transferable share of ownership in the property.
Tenants in common offers parents the flexibility to own property together without the requirement for equal ownership shares. It allows each parent to pass on their share to their chosen beneficiaries upon death.
Yes, parents can have different ownership shares in tenants in common. For example, one parent can own 60% while the other owns 40%.
Yes, each parent in Hawaii can sell or transfer their individual share of the property without the consent of the other parent.
Upon a parent's death, their share in the property will pass to their designated beneficiary (mentioned in their will). The other tenant(s) cannot automatically claim ownership of the deceased parent's share.
No, tenants in common can be chosen by anyone who wishes to co-own a property with others while maintaining individual ownership shares.
One potential downside is that disagreements between parents regarding the use or maintenance of the property can arise. Additionally, if one parent wants to sell their share, it may complicate matters if the other parent objects or cannot afford to buy them out.
In Hawaii, a parent cannot force the sale of a property in tenants in common. However, they can choose to file a legal action called a 'partition' to request the court to order the sale and division of proceeds among the owners.
Yes, tenants in common can choose to convert to other forms of ownership, such as joint tenancy or community property with right of survivorship, by undergoing the necessary legal processes.
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