How are tenants in common properties managed?
It is critical for the success of a tenancy in common that responsibility for each aspect of management be assigned to a particular person. In this context, informality (as in “we’ll all just pitch in” or “we’ll just work it out”) generally translates into inaction, resentment by the most conscientious or compulsive group member(s), and dispute. It is always advisable to have a formal structure for management built into the co-ownership agreement, even if you intend to ignore it and handle things informally. That way, if things do not go as planned, or the informal approach seems to be failing from the perspective of one or more co-owners, the more formal structure is available as a “fall back” arrangement.
