| |
TENANCY IN COMMON
|
JOINT
TENANCY |
COMMUNITY
PROPERTY |
| Parties |
Any number of persons (can be
husband and wife) |
Any number of persons (can be
husband and wife) |
Only husband and wife |
| Division |
Ownership can be divided into any
number of interests, equal or unequal |
Ownership interests cannot be
divided |
Ownership interests are equal |
| Title |
Each co-owner has a separate legal
title to his undivided interests |
There is only one title to the whole
property |
Title is in the "community" (Similar
to title being in a partnership) |
| Possession |
Equal right of possession |
Equal right of possession |
Equal right of possession |
| Conveyance |
Each co-owner's interests may be
conveyed separately by its owner |
Conveyance by one co-owner without
the others breaks the joint tenancy |
Both co-owners must join in
conveyance of real property. Separate
interests cannot be conveyed |
| Death |
On co-owner's death, his interest
passes by will to his devisees or heirs.
No survivorship right |
On co-owner's death, his interest
ends and cannot be willed. Survivor owns
the property by survivorship |
On co-owner's death, 1/2 goes to
survivor in severalty. Up to 1/2 goes by
will or succession to others (consult
attorney with specific questions) |
Successor's
Status |
Devisees or heirs become tenants in
common |
Last survivor owns property in
severalty |
If passing by will, tenancy in
common between devisee and survivor
results |
|
This is
provided for informational purposes
only. Specific questions for actual real
property transactions should be directed
to your attorney. |
