Definition of Joint Tenancy & Tenants in Common
Several people can possess ownership of the same property at the same time. Tenancy in common and joint tenancy are two different forms of concurrent ownership. In both forms of concurrent ownership, every co-owner has a property interest, and each individual's property interest provides him certain entitlements to the property.
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Definition of Tenancy in Common
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Tenancy in common provides each owner of the property with a percentage of the property. This is the result of a property grant to at least two people. The property does not have to be divided equally among the co-owners. Consequently, one person may have a larger percentage of the property than another co-owner. Although each co-owner owns only a certain fraction of the property, each co-owner is entitled to possess the entire property.
Rights of Tenants in Common
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A tenant in common may occupy the whole property if the other tenants neglect to protest the possession. However, the co-tenants may mutually determine the rights to the property. Each tenant in common has a right to petition the court for a division of the property. The court may physically divide the property or sell the property. If the court sells the property, the proceeds will be divided among the co-tenants.
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Definition of Joint Tenants
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All joint tenants to a specific property possess complete ownership to the property simultaneously. Therefore, each joint tenant has equal ownership to the property. Traditionally, when there is a property conveyance to two or more individuals as joint tenants, the joint tenants must obtain their interest in the property at the same time. Also, each joint tenant must have identical interest in the property. However, in modern times, statutes have diminished the strictness of a joint tenancy conveyance. Typically, courts will now refer to the evidence to determine whether the owners are joint tenants.
Rights of Joint Tenants
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The joint tenants have a right of survivorship in the property. In other words, if one joint tenant dies, the other joint tenants own the entire share of the property. If all joint tenants have died except one, the remaining joint tenant owns the complete property. Also, each joint tenant may occupy the property simultaneously. If one joint tenant conveys the property to someone, that particular interest in the property is broken. A tenancy in common is the result of the conveyance.
Difference
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There are distinct differences between joint tenancy and tenancy in common. Joint tenants possess a right of survivorship unlike tenants in common. Also, tenants in common may own unequal portions of the property, while joint tenants share an undivided interest in the property.
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