• Common forms of Ownership
 


Common Forms of Ownership

 
Tenancy in
Common
Joint Tenancy
Community Property

Parties
Any number of persons
(can be husband and wife)
Any number of persons
(can be husband and wife)
Only husband and wife

Division
Ownership can be divided into any number of interests equal or unequal
Ownership interests cannot be divided
Ownership interests equal

Title
Each co-owner has a separate legal title to his/her undivided interests
There is only one title to the whole property
Title is in the "community"

Possession
Equal right of possession
Equal right of possession
Equal right of possession

Conveyance
Each co-owners interests may be conveyed separately by it´s owner
Conveyance by one co-owner without the others, breaks the joint tenancy
Both co-owners must join in conveyance of real property. Separate interests cannot be conveyed.

Purchasers Status
Purchaser becomes a tenant in common with the other co- owners
Purchaser becomes a tenant in common with the other co-owners
Purchaser can only acquire while title of community: cannot acquire part of it

Death
On co-owner´s death his interest passes by will or succession to his devisees or heirs. No survivorship right.
On co-owners death, his interest ends and cannot be willed. Survivor owns the property by survivorship.
On co-owners death ½ goes to survivor in severalty. Up to ½ goes by will or succession to others (consult an attorney with specific questions)

Successors Status
Devisee´s or heirs become tenancy in common
Last survivor owns property in severalty
If passing by will, tenancy in common between devisee and survivor results

Creditors
Co-owner´s interest may be sold on execution sale to satisfy his creditor. Creditor becomes a tenant in common.
Co-owner´s interest may be sold on execution sale to satisfy creditor. Joint tenancy is broken, creditor becomes a tenant in common.
Co-owner´s interest cannot be seized and sold separately. The whole property may be sold to satisfy debts of either husband or wife, depending on the debt (consult an attorney)

Presumption
Favored in doubtful cases except husband and wife (see community property)
Must be expressly stated and properly formed. Not favored.
Strong presumption that property acquired by husband and wife is community.


This is provided for informational purposes only.