|
|
TENANCY IN COMMON
|
JOINT TENANCY
|
COMMUNITY PROPERTY
|
COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP
|
|
Parties
|
Any number of persons (can be husband and wife)
|
Any number of persons (can be husband and wife)
|
Only husband and wife
|
Only husband & wife & only when interest is created on or
after July 1, 2001.
|
|
Division
|
Ownership can be divided into any number of interests, equal or
unequal
|
Ownership interests cannot be divided
|
Ownership interests are equal
|
Ownership interests are equal.
|
|
Title
|
Each co-owner has a separate legal title to his undivided
interest
|
There is only one title to the whole property
|
Title is in the "community." (Similar to title being
in partnership).
|
Title is in the "community." (Similar to title being
in partnership).
|
|
Possession
|
Equal right of possession.
|
Equal right of possession.
|
Equal right of possession.
|
Equal right of possession.
|
|
Conveyance
|
Each co-owner's interest may be conveyed separately by its
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.
|
Both co-owners must join in conveyance of real property.
Separate interests cannot be conveyed.
|
|
Purchaser's Status
|
Purchaser becomes a tenant in common.
|
Purchaser becomes a tenant in common with the other co-owners.
|
Purchaser can only acquire whole title of community; cannot
acquire a part of it.
|
Purchaser can only acquire whole title of community; cannot
acquire a part of it.
|
|
Death
|
On co-owner's death, his interest passes by will to his devises
or heirs. No survivorship right.
|
On co-owner's death, his interest ends and cannot be willed.
Survivor owns the property by survivorship.
|
On co-owner's death, 1/2 goes to survivor in severalty.
Up to 1/2 goes by will or succession to others.
|
On co-owner's death, decedent's interest ends and cannot be
willed. Survivor owns the property by survivorship.
|
|
Successor's Status
|
Devisees or heirs become tenants in common.
|
Last survivor owns property in severalty.
|
If passing by will, tenancy in common between devisee and
survivor results.
|
Last survivor owns property in severalty.
|
|
Creditor's Rights
|
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 interests cannot be seized and sold
separately. The whole property may be sold to satisfy debts
of either husband or wife, depending on the debt.
|
Co-owner's interests cannot be seized and sold separately.
The whole property may be sold to satisfy debts of either husband
or wife, depending on the debt.
|
|
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.
|
Strong presumption that property acquired by husband and wife
is community.
|
