Wednesday, February 15, 2017

Land Investing 101: Concurrent Estates - Joint Tenancy & Tenancy in Common

Okay, the secret is out.  I am currently studying for my bar exam.  In the process, I must study real property law and other areas of law that pertain to real estate and may be helpful to a real estate or land investor.  I figured since I was studying anyways, I might as well put each topic one video at a time.  I also started a YouTube channel which can be seen here.

A Joint Tenancy is created in co-tenants and it's distinguishing feature is the right of survivorship when the other co-tenant takes ownership of the entire tenancy when on joint tenant dies.  In modern law express language is needed to create a joint tenancy.  The creation of a joint tenancy (to acquire the right of survivorship) requires the 4 unites which include:
  1. Unity of Time (the interest in joint tenancy must have been conveyed at the same time)
  2. Unity of Title (the interest in the joint tenancy my have been conveyed in the same title)
  3. Unity of Interest (interest is the same type and duration)
  4. Unity of Possession (the interest given must be the same to each party)
The only way to break a joint tenancy is to sue for partition, otherwise the right of survivorship continues and once one co-tenant is deceased in the joint tenancy, the other co-tenant is entitled to the entire property. 

In a Tenancy in Common, each tenant owns their half and is free to transfer, sell, or divest their half of the property by will.  In a Tenancy in Common, there is NO right of survivorship, so when on co-tenant dies, their share of the property is passed through by their will or by inheritance.  The tenancy in common allows each co-tenant the right to possess & enjoy the entire property during the life of their tenancy in common. 

Let me explain a bit further....

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