Difference between revisions of "Joint tenancy"
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*Interest - each co-owner must own the same share of the property and with the same restrictions or conditions. | *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. | *Possession - each co-owner must have the same right to possess and use the entire property. | ||
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| + | 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. | A [[tenancy by the entirety]] is a special form of joint tenancy between a husband and wife. | ||
Revision as of 03:12, January 7, 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 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.
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.