Tenancy

Tenancy

There are two common ways for two or more people to share ownership of a property. They may go into title as joint tenants or as tenants in common. A brief description and visual are displayed below.

Joint Tenancy

An undivided interest in property, taken by two or more joint tenants. The interests must be equal, accruing under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

Tenants in Common

An estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners.

Tenancy - Tenants In  Common vs. Joint Tenancy

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