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:
- Unity of Time (the interest in joint tenancy must have been conveyed at the same time)
- Unity of Title (the interest in the joint tenancy my have been conveyed in the same title)
- Unity of Interest (interest is the same type and duration)
- 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....
Follow me on Twitter @NicholasCoriano and feel free to email at Homeskape@gmail.com
