Ownership in Real Estate and Conveyance

(How to Take Title)

Tenants in Common:

• May own either equal or unequal interests, each owns a proportionate share of the property as undivided interest.
• Unity of Possession: Parties share an undivided possession of property and is entitled to it’s full use and enjoyment. Example: Tenant (A) owns 20% of the property while (B) owns the remaining 80%. (A) has the same right to occupy and use the property that (B) has.
• No right of survivorship, when one tenant dies, his/her interest passes to their heirs.
• Tenants may take ownership, all at one time, or at different times.
• Each tenant may dispose of any part of his/her interest without affecting the interest of others.
• Partition Suit: Originated by one or more co-tenants asking the court to order the splitting of interest to end the tenancy when a voluntary agreement can not be reached.

Joint Tenancy:

• Right of Survivorship: If one of the joint tenants die, his/her interest passes on to the other tenants that are still alive without a will and the expense of probate.
• Unity of Possession: Parties share an undivided possession of property and is entitled to it’s full use and enjoyment.
• Unity of Interest: Tenants share equal interest, i.e. if there are three tenants, they must each have a one third.
• Unity of Time: All tenants take title at the same time.
• Unity of Title: All tenants take title through the same deed or will.

Tenants by the Entireties:

• Property is deeded to husband and wife.
• Each owns the entire property.
• Right of Survivorship: If either spouse dies, the survivor automatically becomes the owner of the property in severalty.
• In order for property to be sold, both husband and wife must sign all the instruments.
• The Unity of Possession Time and Title: Applies similar to joint tenancy except for unity of interest because both husband and wife each own 100% not 50%.