Concurrent estate

Okay kiddo, imagine if you and your friend both owned a toy box together. This is kind of like what a concurrent estate is when it comes to owning a house or property.

When two or more people own a property together, it's called a concurrent estate. They all have the right to use and enjoy the property at the same time. But just like you and your friend have to agree on what toys to play with, the owners of the property have to work together to make any big decisions about the property. These decisions could be things like selling the property, or making big changes to it.

There are three main types of concurrent estates. The first is tenancy in common. This means everyone owns a share of the property, but that share doesn't have to be equal. One person might own 30%, and another might own 70%. The second type is joint tenancy. This means everyone owns an equal share of the property. If one owner passes away, their share of the property automatically goes to the surviving owners. The third type is tenancy by the entirety, which is only for married couples. They own the property together and can't make any big decisions without the other person's permission.

So just like you and your friend have to work together to keep your toy box organized, people who own a concurrent estate have to work together to make sure everyone is happy with how things are going.