In a recent case, Liz’s dad had bought a co-op with his girlfriend. Liz’s dad broke up with his girlfriend but continued to co-own the apartment as “tenants-in-common.” Liz’s dad passed away, so what happens to the co-op now?
What Happens When a Tenant in Common Dies?
Unless there is a specific percentage for the tenants in common, the property divides equally.
If they had owned as “joint tenants” instead of “tenants-in-common,” then the girlfriend would become sole owner. But, the co-op shares certificate states “tenants in common.” So the girlfriend is a half owner, and Liz’s dad’s estate is now a half owner.
Is Probate Required for Tenants in Common?
The short answer is yes. Liz and her siblings must probate their dad’s estate to inherit their half share of the co-op. Right now, Liz and her siblings must appoint an executor who has legal authority to conduct business for the estate. A court-appointed executor has the right to enter the premises, to gain information from the co-op, and eventually to sell the property.