Probate Question?

[Erick Martinez]

So, I am looking through my county probate records and I came across a record that says the deceased left his estate to multiple people as a one third undivided interest as a tenant in common of all right, title and interest of the decedent in and to the following described property: then lists property.

Can someone help me understand this por favor?

[Rick H.]

@Erick Martinez If the decedent dies leaving property to beneficiaries under a will in equal shares, then they each receive 33.333%. 

A will designates who receives what asset(s) and how they are to receive them. If you buy a property during probate administration, each would have to agree to the price and terms. 

If you purchase property after probate distribution (inherited) this means that each person owns an undivided 33.333% share of real estate and may sell or encumber their share without cooperation of the others. 

However, there's not much of a market for fractional interests in real estate as few are willing to become the new partner with the other two. 

I frequently buy interests from heirs as well as deal with other forms of pizza-by-the-slice strategies.