Joint Tenants

A Joint Tenancy is an estate, or unit of interest, in property owned by two or more persons based on a unity of ownership and only one deed or title exists.

The death of one owner does not destroy the unit but simply reduces by one the number of persons who own the property.

The remaining joint tenants receive the ownership of the deceased tenant by "Right of Ownership".

As each tenant dies the surviving tenants acquire interest in the property until the last tenant takes full title to the property.

When the last tenant dies the property goes to his or her heirs.

Tenants in Common

Tenants In Common is made up of two or more person holding title to property.

If there are five owners, they each own one fifth of the property with no distinction of which part of the property each tenant owns.

With Tenants in Common there is no right of survivorship.

When one tenant dies, the interest in the property is passed on to her or her heirs rather than the surviving tenants.

Tenants by the Entirety

Tenancy by the Entirety is the same as tenants in common but the title is held by a husband and wife.

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