What must be stated on the deed if ownership interests in a Tenancy in Common are not equal?

In a Tenancy in Common, co-owners can hold unequal shares of the property. This means that, proportionally, each owner's interest may vary. For clarity and legal accuracy, it is essential to state the percentage of ownership for each party on the deed. This specification ensures that all parties involved understand their respective rights and responsibilities, especially concerning financial obligations, property use, and the distribution of proceeds if the property is sold.

The requirement to indicate ownership percentages helps prevent potential disputes among co-owners, as each party’s financial stake in the property is explicitly outlined. Without this information, ambiguity could lead to misunderstandings regarding rights to the property and the division of profits or liabilities associated with it. Such clarity is vital for legal protection and for any future transactions involving the property.

The other options do not pertain to the necessary details that should be included in the deed regarding ownership interests in a Tenancy in Common. For example, including the name of the borrower or the total property value does not provide the specific information needed about individual ownership shares. Similarly, the date of purchase, while relevant in some contexts, does not address the unique nature of ownership in a Tenancy in Common arrangement. Thus, specifying the percentage of ownership for each party