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What is the difference between tenants in common and joint tenants? |
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When two or more persons wish to share the ownership of a single property, they may do so as tenants in common. As tenants in common, each owns an undivided interest in the whole property. This means that each owner has a right to possession of the entire property. None can exclude the others nor claim any specific portion for themselves. In a tenancy in common, these interests need not be the same size, and each owner can independently sell, mortgage, give away, or devise his individual interest. This independence is possible because each tenant in common has a separate legal title to his undivided interest. When a tenancy in common exists, if a co-owner dies their interest passes to their heirs or devisees, who then become tenants in common with the remaining co-owners. There is no right of survivorship. Historically, to create a joint tenancy, four unities must be present. Unity of time - each joint tenant must acquire his or her ownership interest at the same moment, unity of title - joint tenants acquire their interests from the same source (such as deed or will), unity of interest - joint tenants own one interest together and each joint tenant has exactly the same right in that interest and unity of possession - joint tenants must enjoy the same undivided possession of the whole property. The feature of joint tenancy ownership that is most widely recognized is its right of survivorship. Upon the death of a joint tenant, that interest in the property is extinguished. In a two-person joint tenancy, when one person dies, the other immediately becomes the sole owner. With more than two persons as joint tenants, when one dies the remaining joint tenants are automatically left as owners. Ultimately, the last survivor becomes the sole owner.
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