Tenancy in Common Regulations in Illinois

1. Tenancy in Common Regulations
in Illinois
By: Heidi Scott Illinois

2. Tenancy in Common Regulations in Illinois
A former president and secretary of the Illinois Government Bar Association, tax attorney and CPA
Heidi Scott started her real estate title firm, Schuyler Brown Land Title, in 2008. Heidi Scott
specializes in Illinois real estate law, including laws covering tenancy in common agreements.

3. Tenancy in Common Regulations in Illinois
In Illinois, individuals who have joint ownership of a property can enter several types of
agreements. One of the most selected contracts is known as a tenancy in common. This
arrangement is the default in Illinois, and it allows all joint owners access to the entire property,
regardless of the percentage of each individual’s share.

4. Tenancy in Common Regulations in Illinois
Further, owners in these agreements can sell or transfer their share of the property without
notifying or seeking the consent of the other owners. Tenancy in common also allows property
owners to pass their share of the property through a will.

5. Tenancy in Common Regulations in Illinois
Creditors can place liens on properties held in a tenancy in common. While these liens are
generally restricted to the share owned by the debtor, liens placed by the IRS could impact the
entire property.