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TENANCY IN COMMON
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JOINT TENANCY
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COMMUNITY PROPERTY
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PARTIES
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ANY NUMBER OF PERSONS (CAN BE HUSBAND AND WIFE)
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ANY NUMBER OF PERSONS (CAN BE HUSBAND AND WIFE)
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ONLY HUSBAND AND WIFE
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DIVISION
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OWNERSHIP CAN BE DIVIDED INTO ANY NUMBER OF INTERESTS EQUAL OR UNEQUAL
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OWNERSHIP INTERESTS CANNOT BE DIVIDED
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OWNERSHIP INTERESTS EQUAL
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TITLE
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EACH CO-OWNER HAS A SEPARATE LEGAL TITLE TO HIS/HER UNDIVIDED INTERESTS
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THERE IS ONLY ONE TITLE TO THE WHOLE PROPERTY
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TITLE IS IN THE "COMMUNITY"
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POSSESSION
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EQUAL RIGHT OF POSSESSION
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EQUAL RIGHT OF POSSESSION
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EQUAL RIGHT OF POSSESSION
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CONVEYANCE
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EACH CO-OWNERS INTERESTS MAY BE CONVEYED SEPARATELY BY IT’S OWNER
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CONVEYANCE BY ONE CO-OWNER WITHOUT THE OTHERS BREAKS THE JOINT TENANCY
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BOTH CO-OWNERS MUST JOIN IN CONVEYANCE OF REAL PROPERTY. SEPARATE INTERESTS CANNOT BE CONVEYED
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PURCHASERS STATUS
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PURCHASER BECOMES A TENANT IN COMMON WITH THE OTHER CO-OWNERS
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PURCHASER BECOMES A TENANT IN COMMON WITH THE OTHER CO-OWNERS
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PURCHASER CAN ONLY ACQUIRE WHOLE TITLE OF COMMUNITY; CANNOT ACQUIRE A PART OF IT
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DEATH
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ON CO-OWNER’S DEATH HIS INTEREST PASSES BY WILL OR SUCCESSION TO HIS DEVISEES OR HEIRS. NO SURVIVORSHIP RIGHT
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ON CO-OWNER’S DEATH, HIS INTEREST ENDS AND CANNOT BE WILLED. SURVIVOR OWNS THE PROPERTY BY SURVIVORSHIP
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ON CO-OWNER’S DEATH
ONE HALF GOES TO SURVIVOR IN SEVERALTY. UP TO ONE HALF GOES BY WILL OR SUCCESSION TO OTHERS (CONSULT AN ATTORNEY WITH SPECIFIC QUESTIONS)
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SUCCESSORS STATUS
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DEVISEES OR HEIRS BECOME TENANCY IN COMMON
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LAST SURVIVOR OWNS PROPERTY IN SEVERALTY
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IN COMMON BETWEEN DEVISEE AND SURVIVOR RESULTS
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CREDITORS
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CO-OWNER’S INTEREST MAY BE SOLD ON EXECUTION SALE TO SATISFY HIS CREDITOR. CREDITOR BECOMES A TENANT IN COMMON
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CO-OWNER’S INTEREST MAY BE SOLD ON EXECUTION SALE TO SATISFY CREDITOR. JOINT TENANCY IS BROKEN, CREDITOR BECOMES A TENANT IN COMMON
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CO-OWNER’S INTERESTS CANNOT BE SEIZED AND SOLD SEPARATELY. THE WHOLE PROPERTY MAY BE SOLD TO SATISFY DEBTS OF EITHER HUSBAND OR WIFE, DEPENDING ON THE DEBT (CONSULT AN ATTORNEY)
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PRESUMPTION
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FAVORED IN DOUBTFUL CASES EXCEPT HUSBAND AND WIFE (SEE COMMUNITY PROPERTY)
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MUST BE EXPRESSLY STATED AND PROPERLY
FORMED. NOT FAVORED
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STRONG PRESUMPTION THAT PROPERTY ACQUIRED BY HUSBAND AND WIFE IS COMMUNITY
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| THIS IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. SPECIFIC QUESTIONS FOR ACTUAL REAL PROPERTY TRANSACTIONS SHOULD BE DIRECTED TO YOUR ATTORNEY OR CPA. |
