| |
Tenancy In Common |
Joint Tenancy |
Community Property |
Community Property W/ Right of Survivorship |
| Parties |
Two or more persons* (May be husband and wife) |
Two or more persons* (May be husband and wife) |
Two or more persons* (May be husband and wife) |
Two or more persons* (May be husband and wife) |
| Division |
Ownership can be divided into any number of interest, equal
or unequal |
Ownership must be equal |
Ownership interests must be equal |
Ownership interests must be equal |
| Creation |
One or more conveyances (Law presumes interests are equal
if not otherwise specified) |
Single conveyance (creating identical interests). Vesting
must specify joint tenancy or law presumes tenancy in common |
Single conveyance or presumption from marriage |
Single conveyance and parties must indicate consent which
can be indicated on deed |
| Possession & Control |
Equal |
Equal |
Equal |
Equal |
| Transferability |
Each co-owner may transfer or mortgage their prospective interest
separately |
Each co-owner may transfer or mortgage their prospective interest
separately but in tenancy in common results*** |
Both spouses must consent to transfer or mortgage |
Both spouses must consent to transfer or mortgage |
| Liens against One Owner |
Co-owner's interest not subject to liens of other debtor/owner
but forced sale can occur |
Co-owner's interest not subject to liens of other debtor/owner
but forced sale can occur if prior to the debtor's death |
Entire property subject to forced sale to satisfy debt of
either spouse |
Entire property subject to forced sale to satisfy debt of
either spouse |
| Death of Co-Owner |
Descendent's interest passed to his/her heir's by will or
intestate |
Descendent's interest automatically passes to surviving joint
tenant ("Right of Survivorship") |
Deceased's interest passes to spouse, except 1/2 of said interest
may pass to devisee by descendent's will |
Descendent's interest automatically passes to surviving spouse
due to Right of Survivorship |
| Possible advantages/ disadvantages |
Co-owner interest are separately transferable |
Right of Survivorship (avoids Probate) |
Qualified survivorship rights. Mutual consent required for
transfer. Surviving spouse may have tax advantage |
Right of Survivorship (avoids probate). Mutual consent required
for transfer. Surviving spouse may have tax advantage. |
