Types of ownership
The principal features of tenancy in common are:
1. Undivided ownership: The land itself is not physically divided into or split between multiple owners, but rather percentages or shares of interest are granted in the property as a whole. 2. Equal or unequal shares: The percentage of ownership interest of each party need not be equal, so one person can have a 50 percent share, and two others can each have a 25 percent share in the same property, and so on. 3. Sale without permission: Any owner can sell his or her share without having to receive permission to do so from the other owners. The new owner is a tenant in common with the previous owners. 4. No right of survivorship: If one owner dies, she leaves her share to her heirs. The other owners don't have any right to her share of the property.
Joint tenancy is said to be created with these four unities:
1. Unity of interest: Unity of interest means that each owner has the same interest in the property. If there are four owners, each has a 25 percent share in the whole property. If there are two owners, each has a 50 percent share. Some states now permit unequal shares in a joint tenancy. You should check out what the law is in your state. 2.Unity of possession: Like tenancy in common (see the previous section), each owner's interest is in an undivided property. Although interest in the property may be divided, the land and building, if any, may not be divided. In other words, no physical division of the property exists. Each owner essentially owns a share in the property as a whole. 3. Unity of time: Joint owners all take title (or ownership) to the property at the same time. A later owner cannot be added to the joint tenancy as a joint tenant unless new documents are executed, effectively creating a new joint tenancy. If one of the joint tenants sells her interest without this happening, that new owner becomes a tenant in common. A joint tenant also may sell his individual interest without the permission of the other joint tenants. 4. Unity of title: Unity of title means that all the joint tenants names are on the deed together.
Joint Tenancy
Joint tenancy is a form of ownership with special features for two or more people. Joint tenancy is said to be created with these four unities: Unity of interest: Unity of interest means that each owner has the same interest in the property. If there are four owners, each has a 25 percent share in the whole property. If there are two owners, each has a 50 percent share. Some states now permit unequal shares in a joint tenancy. You should check out what the law is in your state. Unity of possession: Like tenancy in common (see the previous section), each owner's interest is in an undivided property. Although interest in the property may be divided, the land and building, if any, may not be divided. In other words, no physical division of the property exists. Each owner essentially owns a share in the property as a whole. Unity of time: Joint owners all take title (or ownership) to the property at the same time. A later owner cannot be added to the joint tenancy as a joint tenant unless new documents are executed, effectively creating a new joint tenancy. If one of the joint tenants sells her interest without this
Tenancy by the Entirety
Tenancy by the entirety is a form of co-ownership specifically geared toward protecting the interests of married couples by providing a right of survivorship. A form of joint tenancy (see the previous section for the full scoop), the theory behind tenancy by the entirety is that a couple is treated as if it was one person owning property insofar as each spouse has an undivided and equal interest in the property. Upon the death of one spouse, the deceased spouse's interest automatically goes to the surviving spouse without having to go through the process of probating a will or other inheritance issues.
Tenancy in Common
Tenancy in common is a form of ownership in which two or more people own property together. The fact that two or more people are buying property together as tenants in common is stated in the deed. If the form of ownership isn't otherwise specifically stated in the deed, in some states tenancy in common automatically is assumed when two or more people buy property together.
