Difference between revisions of "Joint tenancy"
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| − | '''Joint tenancy''' is a form of legal co-ownership of [[property]] | + | '''Joint tenancy''' is a form of legal co-ownership of [[property]] which typically includes a right to [[survivorship]]). With a right to surivorship, at the death of one co-owner the surviving co-owner becomes sole owner of the property. A joint tenancy is created where the co-owners share "four unities": |
| + | *Time - the property must be acquired by the co-owners at the same time. | ||
| + | *Title - each co-owner 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. | ||
| + | *Possession - each co-owner must have the same right to possess and use the entire property. | ||
| + | Tenancy by the entirety is a special form of joint tenancy between a husband and wife. [[Category:Legal Terms]] | ||
Revision as of 20:12, May 9, 2011
Joint tenancy is a form of legal co-ownership of property which typically includes a right to survivorship). With a right to surivorship, at the death of one co-owner the surviving co-owner becomes sole owner of the property. A joint tenancy is created where the co-owners share "four unities":
- Time - the property must be acquired by the co-owners at the same time.
- Title - each co-owner 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.
- Possession - each co-owner must have the same right to possess and use the entire property.
Tenancy by the entirety is a special form of joint tenancy between a husband and wife.