Difference between revisions of "Joint tenancy"
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'''Joint tenancy''' is a form of legal co-ownership of [[property]] which typically includes a right to [[survivorship]]. With a right to survivorship, at the death of one co-owner the surviving co-owner becomes sole owner of the property. It is sometimes referred to as "joint tenancy with right of survivorship" or abbreviated JTWROS. | '''Joint tenancy''' is a form of legal co-ownership of [[property]] which typically includes a right to [[survivorship]]. With a right to survivorship, at the death of one co-owner the surviving co-owner becomes sole owner of the property. It is sometimes referred to as "joint tenancy with right of survivorship" or abbreviated JTWROS. | ||
| − | A joint tenancy is created where the co-owners share "four unities": | + | A joint tenancy is created where all the co-owners share "four unities": |
| − | *Time - the property must be acquired by the co-owners at the same time. | + | *Time - the property must be acquired by all the co-owners at the same time. |
| − | *Title - | + | *Title - all co-owners must acquire the property from the same document. |
| − | *Interest - each co-owner must own the same share of the property and with the same restrictions or conditions. | + | *Interest - each and every co-owner must own the same share of the property, and with the same restrictions or conditions, as the others. |
| − | *Possession - each co-owner must have the same right to possess and use the entire property. | + | *Possession - each and every co-owner must have the same right to possess and use the entire property as the others. |
If at any time one co-owner sells his/her interest apart from the other, the joint tenancy ends and converts to a [[tenancy in common]]. | If at any time one co-owner sells his/her interest apart from the other, the joint tenancy ends and converts to a [[tenancy in common]]. | ||
Revision as of 20:58, January 26, 2019
Joint tenancy is a form of legal co-ownership of property which typically includes a right to survivorship. With a right to survivorship, at the death of one co-owner the surviving co-owner becomes sole owner of the property. It is sometimes referred to as "joint tenancy with right of survivorship" or abbreviated JTWROS.
A joint tenancy is created where all the co-owners share "four unities":
- Time - the property must be acquired by all the co-owners at the same time.
- Title - all co-owners must acquire the property from the same document.
- Interest - each and every co-owner must own the same share of the property, and with the same restrictions or conditions, as the others.
- Possession - each and every co-owner must have the same right to possess and use the entire property as the others.
If at any time one co-owner sells his/her interest apart from the other, the joint tenancy ends and converts to a tenancy in common.
A tenancy by the entirety is a special form of joint tenancy between a husband and wife.