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DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI RESOURCE ELIGIBILITY 11/18 CHAPTER E PAGE 5 6.2.1. Types of Shared Ownership 6.2.1.1. Tenancy-In-Common - Owners May Not Have Equal Interests In tenancy-in-common, two or more persons each have an undivided fractional interest in the whole property for the duration of the tenancy. These interests are not necessarily equal; e.g., two joint tenants do not necessarily each own half of the property. One owner may sell, transfer or otherwise dispose of his or her share of the property without permission of the other owner(s) but cannot take these actions with respect to the entire property. The individual’s resource value equals his pro-rata share of the equity value of the property. 6.2.1.1.1. No Survivorship Rights When a tenant-in-common dies, the surviving tenant(s) has no automatic survivorship rights to the deceased's ownership interest in the property. Upon a tenant's death, the deceased's interest passes to his or her estate or heirs. Example - Don, Charles, and Fred Evans own property as tenants-in- common. Charles and Fred each own an undivided one-fourth interest in the property while Don owns the remaining one- half interest. If Don Evans were to sell his half interest to Stanley Long, Mr. Long would become a tenant-in-common with Charles and Fred Evans. If Mr. Long were then to die so that his property passed to his four children, each of them would own a one-eighth interest as tenants-in-common with Charles and Fred who would each continue to own a one-fourth interest. 6.2.1.2. Joint Tenancy - Each Owner Has Same Interest In joint tenancy, each of two or more persons has one and the same undivided ownership interest and possession of