Difference between revisions of "Joint tenancy"
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(added some information on four unities) |
DavidB4-bot (talk | contribs) (→top: Spelling/Grammar Check, typos fixed: surivorship → survivorship) |
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| − | '''Joint tenancy''' is a form of legal co-ownership of [[property]] which typically includes a right to [[survivorship]] | + | '''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. 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. | *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. | *Title - each co-owner must acquire the property from the same document. | ||
Revision as of 14:59, July 22, 2016
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. 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.