Tenancy in real estate refers to the legal arrangement under which two or more people hold ownership or rights to use a property. It defines who owns what, how ownership is shared, and what happens if one party dies or wants to sell.
Tenancy isn’t just about landlords and renters. In fact, tenancy most often refers to how property ownership is structured between spouses, partners, family members, or investors.
For Lake Marion-area homes, where many buyers purchase jointly for retirement, vacation, or investment purposes, choosing the right form of tenancy is critical. That’s why Carolina Properties at Lake Marion always helps buyers and sellers understand what type of tenancy applies — and what it means for their future.
Types of Tenancy You’ll Encounter in South Carolina
In South Carolina real estate, there are several main types of tenancy. Each affects ownership rights, inheritance, and what happens when one party wants out.
1. Tenancy in Common
- Each owner holds a separate share (can be equal or unequal)
- Owners can sell or transfer their share without others’ consent
- No right of survivorship — their share passes to heirs, not co-owners
Example: Two siblings inherit a family lake house. Each owns 50%. If one dies, their share goes to their children, not the surviving sibling.
2. Joint Tenancy with Right of Survivorship
- Equal ownership shares
- If one owner dies, their share goes automatically to the surviving owner(s)
- Cannot transfer ownership without affecting survivorship
Example: A couple buys a vacation home together. If one passes away, the surviving partner becomes sole owner.
3. Tenancy by the Entirety (Not recognized in SC)
- Common in other states for married couples
- Similar to joint tenancy but with extra protection against creditors
- South Carolina does not officially recognize this form, but married couples can still use joint tenancy with survivorship
Why Tenancy Matters When You’re Buying or Selling
Choosing the right form of tenancy is more than a legal detail — it directly affects:
- Inheritance planning
- Selling or refinancing authority
- Dispute resolution if co-owners disagree
- What happens when one owner dies
Real-World Scenario: A couple bought a home as Tenants in Common without realizing it. When one partner passed, their children inherited the deceased’s 50%, complicating the survivor’s ownership.
With clear guidance from Carolina Properties, buyers can choose the arrangement that matches their intentions and protect themselves from future surprises.
How to Set Up (or Change) Your Tenancy Agreement
Tenancy is typically established at the time of purchase, recorded in the deed and title documents. But it can sometimes be changed later with legal paperwork.
To set up or change your tenancy:
- Talk with your real estate agent and attorney about the best option
- Clearly state your choice on the purchase contract and title paperwork
- Update your estate plan to match your ownership type
- Record changes with your local county register of deeds
Pro Tip: Don’t assume the default. Make sure the tenancy you select matches your real-world goals. Carolina Properties can connect you with experienced attorneys to review or revise your ownership structure.
What Tenancy Means for Lake Marion Homeowners
With many co-owned properties in the Lake Marion area — from vacation homes to investment rentals — tenancy affects everything from resale value to inheritance.
Whether you’re:
- Buying a second home with family
- Investing in lakefront property with a partner
- Leaving a home to your children
…choosing the right tenancy type can save you time, money, and future legal stress.
Our team at Carolina Properties know how to navigate the legal and emotional sides of shared ownership. They’ll help ensure your ownership is secure, smart, and tailored to your future goals.
FAQ: Tenancy in Real Estate
Q: Is tenancy only for renters?
No. In real estate, tenancy often refers to how property ownership is shared between people.
Q: What is the difference between joint tenancy and tenancy in common?
Joint tenancy includes right of survivorship; tenancy in common does not.
Q: Can I change the form of tenancy after I buy?
Yes, with the help of an attorney and proper documentation.
Q: Does South Carolina recognize tenancy by the entirety?
No. SC uses joint tenancy with right of survivorship for married couples.
Q: What happens if co-owners disagree on selling?
You may need legal intervention. Tenancy in common allows individual sale; joint tenancy may require mutual consent.
Q: Can I leave my share to someone else in my will?
Only if you’re a tenant in common. Joint tenancy shares go to the surviving owner(s).
Unsure How to Hold Title? Carolina Properties Can Help
Whether you’re buying your forever home, a vacation escape, or an investment property on Lake Marion, your form of tenancy matters more than you think. It determines not just who owns what today — but how that ownership is handled tomorrow if a co-owner sells, passes away, or the property is inherited.
At Carolina Properties, we understand that choosing the right tenancy type isn’t just a legal decision — it’s a personal one. It affects your family, your finances, and your future.
Let the experts at Carolina Properties walk you through:
- Selecting the right co-ownership structure for your goals
- Understanding what happens when one owner passes or transfers their share
- Coordinating with estate plans and wills to ensure long-term protection
- Avoiding the most common mistakes Lake Marion homeowners make with shared property
We help you protect your investment and your legacy.
Call Carolina Properties Today to ensure your property ownership is smart, clear, and secure.