V. Government subsidy, loan and/or grant

In order to assist property owners who may have queries about the statutory requirements for maintaining their residential building and those who may have financial difficulty in doing so, the Government launched the Integrated Building Maintenance Assistance Scheme (jointly operated by the Housing Society and the Urban Renewal Authority). The Scheme comprises subsidies, loans and/or grants in various forms to cater for different needs. For details, owners can contact the following statutory bodies:

Housing Society

Website: http://www.hkhs.com/eng/business/pm_ibmas.asp
Telephone hotline: 3188 1188

Urban Renewal Authority

Website:
http://www.ura.org.hk/en/schemes-and-policies/rehabilitation/integrated-building-maintenance-assistance-scheme.aspx
Telephone hotline: 3188 1188

Under the Integrated Building Maintenance Assistance Scheme, the Government offers a wide variety of subsidies, loans and/or grants to the public to cater for different situations. A list of the major subsidies, loans and/or grants is set out below:

  • Common Area Repair Works Subsidy
  • Common Area Repair Works Interest-free Loan
  • Common Area Repair Works Hardship Grant
  • Home Renovation Interest-free Loan
  • Home Renovation Hardship Grant
  • Subsidy in relation to the MBIS and MWIS
  • Building Maintenance Grant Scheme for Elderly Owners
  • Building Safety Loan Scheme
  • Owners’ Corporation Formation Subsidy

A. Common Area Repair Works Subsidy

The Common Area Repair Works Subsidy is a maintenance subsidy provided to encourage owners or owners’ corporations to carry out comprehensive maintenance works to the common areas of buildings.

Eligibility

The Subsidy aims primarily to assist owners of private residential or composite (i.e. commercial and residential) buildings at least 30 years old. One further criterion is that the average rateable value per residential unit at the building must not exceed $120,000 per annum for properties in the urban area (including Shatin, Kwai Tsing and Tsuen Wan) or $92,000 per annum for properties in the New Territories.

Buildings with or without an owners’ corporation

For buildings with an owners’ corporation, the management committee has to pass a resolution resolving to apply for the Common Area Repair Works Subsidy and to authorize a representative to sign the relevant documents.

For buildings without an owners’ corporation, the Government considers applications from owners on a case-by-case basis. Generally speaking, the owners of the building should hold a meeting to resolve to apply for the Subsidy and to authorize at least two representatives to sign the relevant documents.

Use of the Subsidy

The Subsidy is to be applied to common areas works relating to structural safety, sanitary facilities and environmental friendly provisions.

The maximum amount of the Subsidy depends on the total number of units in the subject building:

Number of units

Subsidy amount

20 units or below

30% of the approved cost of works, up to $150,000

21 – 49 units

20% of the approved cost of works, up to $150,000

50 or above

20% of the approved cost of works, or maximum $3,000 per unit, capped at $1,200,000 for each owners’ corporation

 

If the maintenance works include green/ environmental friendly works, the building will enjoy the following subsidy (the Green Item Subsidy):

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Number of units

Subsidy amount

20 units or below

30% of the approved cost of green items and related consultancy fee, up to $75,000

21 – 49 units

20% of the approved cost of green items and related consultancy fee, up to $75,000

50 or above

20% of the approved cost of green items and related consultancy fee; or not more than $1,500 per unit, up to $600,000

B. Common Area Repair Works Interest-free Loan

In addition to the Common Area Repair Works Subsidy, the Government provides an interest-free loan to owners to encourage comprehensive maintenance works to the common areas of buildings.

Eligibility

The Loan is applicable to owners of private residential or composite (i.e. commercial and residential) buildings at least 20 years old. One further criterion is that the average rateable value per residential unit in the building must not exceed $120,000 per annum for properties in the urban area (including Shatin, Kwai Tsing, Tsuen Wan) or $92,000 per annum for properties in the New Territories.

Buildings with or without an owners’ corporation

For buildings with an owners’ corporation, the management committee has to pass a resolution resolving to apply for the Common Area Repair Works Interest-free Loan and to authorize a representative to sign the relevant documents.

For buildings without an owners’ corporation, the Government considers applications from owners on a case-by-case basis. Generally speaking, the owners of units in the building should hold a meeting to resolve to apply for the Loan and to authorize at least two representatives to sign the relevant documents.

Once the government gives its approval-in-principle for the Loan, the individual owners in the subject building should submit their individual loan applications. It should be noted that applicants have to be the registered owners of the residential property for which the loan relates. They have to be individuals, not company owners. Although there is no income and assets means test, applicants are required to produce proof of income (such as salary slips) to prove their repayment ability; otherwise, they will be required to execute a legal charge in favour of the Government.

Use of the Loan

The Common Area Repair Works Interest-free Loan is to be applied to common areas works relating to structural safety, sanitary facilities and environmental friendly provisions.

The maximum loan amount for an individual owner of a residential unit is $100,000 or the full cost of the owner’s contribution to the common area repair works, whichever is lower. The Loan has to be repaid over a period of not more than 60 months.

C. Common Area Repair Works Hardship Grant

For property owners who have applied for the Common Area Repair Works Interest-free Loan and still have difficulty paying for the repair works to the common area of their building, the Government may provide a Common Area Repair Works Hardship Grant up to a maximum of $10,000 for each household.

Eligibility

Registered owners who are Hong Kong Identity Card holders and belong to any of the following categories are eligible to apply for the Hardship Grant:

  • Recipient of Old Age Allowance (OALA);
  • Recipient of Comprehensive Social Security Assistance;
  • Owner aged 60 or above or disabled, and holder of a Medical Fee Waiver Certificate; or
  • Owner aged 60 or above or disabled, and within the income and asset limits below:

Household Size

Monthly Income Limit

Asset Limit

Single

$8,980

$210,000

Couple

$15,130

$318,000

 

The Grant

Once the government gives its approval-in-principle for the Common Area Repair Works Interest-free Loan, an individual owner of a residential unit fulfilling one of the above criteria can apply for a common area repair works hardship grant up to a maximum of $10,000.

D. Third Party Risks Insurance Subsidy

For owners who have received either a Common Area Repair Works Subsidy or a Common Area Repair Works Interest-free Loan, the Government provides a further subsidy, the Third Party Risks Insurance Subsidy.

Eligibility

Upon the completion of works under the Common Area Repair Works Subsidy or Common Area Repair Works Interest-free Loan, owners can apply for a Third Party Risks Insurance Subsidy from the Government.

Applications for this Subsidy must be submitted within 12 months after the completion of the repair works.

The Subsidy

The subsidy amount is 50% of the annual premium, up to $6,000 per year for three consecutive years.

D. Home Renovation Interest-free Loan

In addition to a subsidy, loan or grant for the improvement of the common areas of buildings, the Government provides an incentive for home owners to improve or enhance the living conditions in their homes. Eligible applicants may be granted an interest-free loan not exceeding $50,000 or the total cost of approved works (whichever is lower) for interior repairs and maintenance works in flats related to safety and hygiene.

Eligibility

In order to be eligible for the Loan, the following criteria have to be met:

  • The applicant must hold a Hong Kong Identity Card and be aged 18 or above;
  • The subject unit must be in a residential building at least 20 years old;
  • The subject unit must be the only property the applicant owns in Hong Kong, directly or indirectly; and
  • The average rateable value of the residential unit must not exceed $120,000 per annum for properties in the urban area (including Shatin, Kwai Tsing, Tsuen Wan) or $92,000 per annum for properties in the New Territories.

Use of the Loan

The purpose of the Loan is not to provide finance for luxury renovations of an owner’s flat. It must be used only for interior repairs and maintenance works related to safety and hygiene. An applicant, therefore, has to set out in the application form all the intended repair works and a breakdown of the cost.

The maximum loan amount for each application is $50,000 or the approved cost of works, whichever is lower. The Loan has to be repaid over a period of not more than 36 months. Applicants are also required to produce proof of income (such as salary slips) to prove their repayment ability; otherwise, they will be required to execute a legal charge in favour of the Government.

E. Home Renovation Hardship Grant

For property owners who have applied for a Home Renovation Interest-free Loan and still have difficulty paying for the intended repair works, the Government may provide a Home Renovation Hardship Grant up to the maximum of $10,000 for each household.

Eligibility

Registered owners holding a Hong Kong Identity Card and belonging to the following categories are eligible to apply for a Hardship Grant:

  • Recipient of Old Age Allowance (OALA);
  • Recipient of Comprehensive Social Security Assistance;
  • Owner aged 60 or above or disabled, and holder of a Medical Fee Waiver Certificate; or
  • Owner aged 60 or above or disabled, and within the income and asset limits below:

Household Size

Monthly Income Limit

Asset Limit

Single

$8,980

$210,000

Couple

$15,130

$318,000

 

The Grant

Once the government gives its approval-in-principle for the Home Renovation Interest-free Loan, individual owners of residential units who fulfil any one of the above eligibility criteria can apply for a renovation hardship grant up to $10,000.

F. Subsidy in relation to the MBIS and MWIS

To help owners comply with the MBIS, the Government launched a Mandatory Building Inspection Subsidy Scheme to provide financial assistance to eligible owners. The essential features of this Scheme can be summarized as follows:

Eligibility

Owners of units in a private residential or composite (i.e. commercial and residential) building who have received an MBIS pre-notification letter or statutory notice are eligible under the Subsidy Scheme. One further criterion is that the average rateable value per residential unit in the building must not exceed $120,000 per annum for properties in the urban area (including Shatin, Kwai Tsing, Tsuen Wan) or $92,000 per annum for properties in the New Territories.

However, if the building has only one owner, this owner is not eligible under the Subsidy Scheme.

Buildings with or without an Owners’ Corporation

For buildings with an owners’ corporation, the corporation (or the management committee) has to pass a resolution to apply for the Subsidy and to authorize a committee member(s) to sign the relevant documents.

For buildings without an owners’ corporation, the owners of the units in the building have to hold a meeting to resolve to apply for the Subsidy and to authorize a representative(s) to sign the relevant documents.

Use of the Subsidy

The Subsidy is confined to expenses for the first inspection conducted by a Registered Inspector and must be used for the inspection of common areas.

The maximum amount of the Subsidy depends on the total number of units covered by each statutory notice:

Number of units

Subsidy amount

20 units or below

up to $25,000

21 – 49 units

up to $35,000

50 – 200 units

up to $60,000

201 units or above

up to $100,000

 

Subsidy for the MWIS?

It should be noted that the MBIS Subsidy is applicable only to buildings under the MBIS, not to those under the MWIS. However, if the owners receive pre-notification letters (or statutory notices) for both the MBIS and the MWIS at the same time, and employ the same person for Registered Inspector under the MBIS and for the Qualified Person under the MWIS, any remaining subsidy may be used for the inspection of windows in common areas under the MWIS.

G. Building Maintenance Grant Scheme for Elderly Owners

In order to offer financial assistance to elderly owner-occupiers to repair and maintain their self-occupied flats and common areas, and to maintain building safety, the Government introduced the Building Maintenance Grant Scheme for Elderly Owners (BMGS). The BMGS provides a maximum grant of $40,000 for each eligible elderly owner-occupier.

Eligibility

The basic criteria for the BMGS are as follows:

  • The applicant must be a holder of a valid Hong Kong Identity Card and aged 60 or above;
  • The applicant must be the owner of a residential flat in a private domestic building or composite building;
  • The applicant and his/her spouse (if married) must be residing in the subject property; and
  • The applicant must fall within the following income and asset limits (or be receiving Comprehensive Social Security Assistance or Old Age Living Allowance):

 

Monthly Income Limit

Asset Limit

Singleton

$7,340

$420,000

Couple

$11,830

$636,000

 

Use of the Grant

The Grant can be used not only for building safety related to maintenance works in the building’s common areas, but also in the applicant’s residential flat. Common examples include:

  • Improvements to structural aspects of the building: e.g. repair to loose, cracked, spalled or otherwise defective concrete;
  • Improvements related to the safety of the external elevations of the building: e.g. repair to defective rendering or mosaic tiles;
  • Repair or replacement of defective windows;
  • Removal of unauthorized building works or illegal rooftop structures;
  • Repair, maintenance or replacement of lifts, fire services installations and equipment, electrical wiring, gas risers, defective waste pipes, soil pipes, rainwater pipes, fresh water pipes, vent pipes or underground drainage; or
  • Repair of waterproofing membranes on rooftops and flat roofs, or works to alleviate water seepage problems.

Applicants can also use the Grant to repay their outstanding loan with the Government in relation to building maintenance (e.g. the Common Area Repair Works Interest-free Loan or the Home Renovation Interest-free Loan), and/or de-register the relevant legal charge/charging order.

H. Building Safety Loan Scheme

The Building Safety Loan Scheme (BSLS) focuses primarily on financial assistance in relation to maintenance and repair works to reinstate or improve the safety conditions of a building and/or private slope.

Eligibility

Since the purpose of the loan is to improve safety conditions, the BSLS is open to all owners of units in private buildings, be they domestic, composite, commercial or industrial buildings. Both individual owners and company owners are eligible to apply for the BSLS.

Use of the BSLS

The loan must be used for building maintenance works, such as improvements to the structure of the building, fire services installations and equipment, building and sanitary services, or slopes and retaining walls.

The maximum loan amount for each unit is $1,000,000. For any loan of $50,000 or above, the applicant must provide security in the form of Deed of indemnity, legal charge, or Letter of Guarantee issued by a licensed bank in Hong Kong. If the applicant is a company, it must provide security irrespective of the loan amount.

Interest?

The BSLS can be interest-bearing or interest-free. An interest-bearing loan has to be repaid over a period of not more than 36 months, while an interest-free loan has to be repaid over a period of not more than 72 months. For an interest-bearing loan, the applicant is not required to undergo a means tests; to be eligible for an interest-free loan, the applicant has to be:

  • a recipient of the Comprehensive Social Security Assistance;
  • a recipient of the Old Age Allowance (OALA); or
  • earning income and possessing assets (including those of other household member(s)) within the following limits:

For applicants aged 60 or above

 

Monthly Income Limit

Asset Limit

Singleton

$8,980

$210,000

Couple

$15,130

$318,000

 

For applicants below the age of 60

Household Size

Average Monthly Household Income Limit

Household Asset Limit

1

$10,100

$28,000

2

$16,140

$38,000

3

$21,050

$57,000

4

$25,250

$76,000

5

$29,050

$76,000

6

$32,540

$76,000

7

$36,130

$76,000

8

$38,580

$76,000

9

$43,330

$76,000

10 or above

$45,450

$76,000

I. Owners’ Corporation Formation Subsidy

The duty to manage and maintain a building, in the end, lies with the owners, but the individual owners will probably find it difficult to work together without a collective entity to help them collaborate and to represent their interests. The existence of an owners’ corporation is, therefore, of prime importance in building management. To encourage building owners to form an owners’ corporation, the Government offers the Owners’ Corporation Formation Subsidy.

The Subsidy

A cash subsidy of $3,000 is available to help pay for the expenses of setting up an owners’ corporation. If the attempt to set up an owners’ corporation fails, the expenses involved in the attempt will be reimbursed to the applicant subject to the upper limit of $3,000.

Eligibility

The Subsidy is applicable to both residential and composite (i.e. residential and commercial) buildings. To be eligible to apply for this Subsidy, the applicant has to be the owner of one of the units in the subject building. Both individual owners and company owners are eligible for this Subsidy.

FAQ

1. Why is it important for the owners’ corporation to have Third Party Risks Insurance?

In 1994, the canopy of a seafood restaurant situated at Albert House in Aberdeen collapsed. One passer-by was killed and 13 others were injured in the incident. The High Court held that the owners’ corporation, property management company, restaurant, licencee of the restaurant, owner of the unit at which the restaurant was situated and contractor that had built the canopy were liable for compensation to the victims, which amounted to more than HK$30 million. Since the owners’ corporation of Albert House did not have third party risks insurance, it was unable to pay the compensation. Eventually, the owners’ corporation had to be wound up. Pursuant to the Building Management Ordinance ( Cap. 344 of the Laws of Hong Kong), each of the individual owners was liable and had to pay a portion of the compensation for his/her share of the liability.

The message from this case is that compensation must be paid if the court rules that the victim must be compensated. If the OC does not have third party risks insurance, it has to make full compensation. If it does not have sufficient funds to pay compensation and has to be wound up, each individual owner becomes personally liable for the compensation. If individual owners are unable to pay compensation, they may be forced into bankruptcy. Procuring third party risks insurance protects the owners and any potential third party victims, thus reducing the financial risks faced by the owners should an accident occur.

For more about Owners Corporations and Third Party Risks Insurance, please visit Properties Arrangements > Maintenance and safety of real property > Third party insurance .

2. Does the owners’ corporation (OC) have the legal obligation to take out an insurance policy to cover liabilities arising from unauthorised building works?

No, it is not a mandatory requirement. But if the court finds that the OC is responsible for an accident caused by unauthorised building works, the OC and/or the owners are liable for all the civil liabilities incurred.

Generally speaking, insurance companies do not provide insurance for unauthorised building works. If there are unauthorised building works in the building, the OC should remove them for the benefit of the OC, building owners and third parties who may be affected by the unauthorised works.

For more about Owners Corporations and Third Party Risks Insurance, please visit Properties Arrangements > Maintenance and safety of real property > Third party insurance .

3. What are the Mandatory Building Inspection Scheme (MBIS) and a Mandatory Window Inspection Scheme (MWIS)?

In order to ensure that building owners take full and continuous responsibility for building maintenance and safety, the Government amended the Buildings Ordinance ( Cap. 123 of the Laws of Hong Kong) and enacted the Building (Inspection and Repair) Regulation ( Cap. 123P of the Laws of Hong Kong) to introduce a Mandatory Building Inspection Scheme (MBIS) and a Mandatory Window Inspection Scheme (MWIS). Each year, 2000 buildings are selected for both the MBIS and MWIS, to be carried out concurrently, and another 3800 buildings are selected for only the MWIS. The Buildings Department (BD) issues statutory notices to the owners of buildings targeted to carry out of the prescribed inspection and any repairs that may be required.

Under MBIS, owners of buildings at least 30 years old (except domestic buildings not exceeding three storeys) are required to carry out the prescribed inspection of the common parts, external walls and projections or signboards of the buildings once every 10 years.

Under MWIS, owners of buildings at least 10 years old (except domestic buildings not exceeding three storeys) are required to carry out the prescribed inspection of all windows of the buildings once every five years.

For more about MBIS and MWIS, please visit Properties Arrangements > Maintenance and safety of real property > Mandatory Building Inspection Scheme and Mandatory Window Inspection Scheme .

4. What can the Government do if the statutory notice under MBIS/MWIS is not complied with?

The Government may prosecute the owners/OC who do not comply with a statutory notice for mandatory building inspection or mandatory window inspection. The BD may also arrange for the required inspection and repair works to be carried out by a consultant and contractor, respectively, of its choice and then recover the cost of inspection and repair works, as well as a supervision charge, from the owners/OC, together with a surcharge not exceeding 20% of the cost.

For more about MBIS and MWIS, please visit Properties Arrangements > Maintenance and safety of real property > Mandatory Building Inspection Scheme and Mandatory Window Inspection Scheme .

5. Does the Government provide subsidy, loan or grant to assist property owners to carry out maintenance or repair works?

In order to assist property owners who may have queries about the statutory requirements for maintaining their residential building and those who may have financial difficulty in doing so, the Government launched the Integrated Building Maintenance Assistance Scheme (jointly operated by the Housing Society and the Urban Renewal Authority). The Scheme comprises subsidies, loans and/or grants in various forms to cater for different needs. For more details, owners can call the hotline at 3188 1188.

For a list of the major subsidies, loans and/or grants, please visit Properties Arrangements > Maintenance and safety of real property > Government subsidy, loan and/or grant .

Caveat: The matters discussed below involve complex legal arguments for which legal advice must be sought.

I. Overview

The names of the legal owner(s) of a property can be ascertained from the title deeds or title documents relating to the property, which can be found in the land records maintained by the Land Registry.

The Land Registration Ordinance , Cap. 128 , Laws of Hong Kong, provides for the registration of deeds, conveyances, judgments and other instruments affecting real or immovable property, the keeping of Land Registry records, and for other matters relating to land registration.

Legal or nominal ownership is sometimes called the “paper title”, which can easily be traced or ascertained from looking at the title documents. However, legal ownership does not necessarily reflect the beneficial ownership of a property. Beneficial ownership is the right to enjoyment or entitlement to the benefit of a property, in contrast to legal or nominal ownership. It derives from monetary contribution (in most cases) towards the purchase price of the property, by virtue of a resulting trust or constructive trust.

Where a property is purchased in the name of X but the money comes from Y, and there is nothing to show Y intended to give up his beneficial interest, then it is presumed that Y intended to keep the beneficial interest and X would be said to be holding the property in “resulting trust” for Y.

A constructive trust is one which arises by the operation of law without reference to any presumed intention of the parties. The principle is that where a person holds a property in circumstances in which in equity and good conscience it should be held or enjoyed by another, he is compelled to hold the property on trust for the other person.

For example, X buys a flat with his own money in his sole name. The flat is occupied by Y, his girlfriend, and him. Y did not contribute anything towards the purchase price of the flat, but has made a great number of improvements to the flat, as well as doing ordinary housework. Y could claim an interest in the flat by way of a constructive trust. Constructive trust does not depend on intention of the parties. It is a question of fairness. So it does not matter that X did not have the intention to give Y an interest in the property. The issue is whether Y has done “enough” to justify an equitable claim.

Most of the time we can also ascertain beneficial ownership by referring to the documents kept by the Lands Registry, e.g. an action or proceeding pending in a court or tribunal that relates to land or any interest in or charge on land and a bankruptcy petition. For example, if the property is subject to a mortgage to a bank, then the bank will have a beneficial interest in the property until the mortgage is paid off.

Sometimes it is not easy to ascertain beneficial ownership of a property, e.g. when the property is registered in the name of the husband only, but the property is in fact the matrimonial home. The wife’s beneficial interest may not be ascertained simply by looking at the title deed.

The “paper title” of a matrimonial home may be in the name of both husband and wife, or in the name of only one spouse. The husband and wife may both contribute towards the purchase price or only one party may pay for it.

If both parties contribute towards the purchase price, they are co-owners of the property. They are either “joint tenants” or “tenants in common”, as the case may be.

If the property is registered in the sole name of one spouse, but was paid for by both spouses, the party whose name does not appear on the title deeds can claim that he or she is a beneficial owner of the property. They are “co-owners” of the property despite the fact that the property is registered in the sole name of only one spouse. For more detailed discussion of this, please go to “Sale and Purchase of Property” on the CLIC website.

II. Co-Ownership

When two (or more) persons purchase property together and provide the money in equal shares, they are presumed to be joint tenants. If their contributions are unequal, they are presumed to take beneficially, as tenants in common, shares proportionate to the sums paid. For example, if H contributes one-third and W two-thirds of the purchase price, they are presumed to be equitable tenants in common as to one-third and two-thirds, respectively.

This presumption may be rebutted by evidence that the parties intended to hold as joint tenants despite their unequal contributions, or that they intended to take as tenants in common despite equal contributions.

III. Joint Tenancy

A joint tenancy must display ‘the four unities’: unities of possession, interest, title, and time.

“Unity of possession” means that no co-owner is entitled to the possession of any particular part of the property to the exclusion of the other co-owner.

“Unity of interest” means that joint tenants hold the same interest. Tenants in common, however, may hold in different shares or proportions.

“Unity of title” means that the joint tenants must derive their interest from the same document or act. They must acquire their interest under the same instrument, e.g. an assignment of land.

“Unity of time” means that the joint tenants must acquire their interest at the same time.

A joint tenant does not hold any interest in the property in his individual capacity. His only interest is that which he holds jointly with his fellow joint tenant(s). A joint tenant is said to hold the whole with other joint tenant(s) but nothing by himself. There is only one estate in property which is held jointly and, although the joint tenants between themselves may have distinct rights, to everyone else, they are regarded as a sole owner.

If any one of the four unities is missing, then the co-owners are tenants in common, not joint tenants.

When a joint tenant dies, his interest is automatically extinguished and the surviving joint tenant(s) become(s) entitled to the property. If there are two joint tenants, the surviving tenant will become the sole owner of the property. If there are more than two join tenants, the shares of the late joint tenant will be divided and pass to the surviving tenants in equal shares. This special feature of a joint tenancy is known as the “right of survivorship”. The right of survivorship is the right of a person to property by reason of his having survived another person who had an interest in it.

IV. Tenancy in Common

A tenant in common’s interest forms part of his estate on his death and passes according to his will (a disposition or declaration by which the person making it provides for the distribution or administration of his property after his death) or the laws of intestacy (a person dying without a will). The main legislation on intestacy is the Intestates’ Estate Ordinance , Cap. 73 , Laws of Hong Kong.

A tenancy in common must display unity of possession. A tenant in common is regarded as holding a distinct yet undivided share in the property independently of the other co-owner(s). Each tenant in common holds a separate interest in the property. While the interests of joint tenants are equal, the shares of tenants in common may be unequal.