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Sharing Land Ownership
Tom PedreiraThe law recognizes three principal forms of concurrent or co-ownership of land:
- joint tenancy
- tenancy in common
- tenancy by the entirety
Both joint tenants and tenants in common enjoy the right to possess and use the whole of the property.
Joint tenancy is a form of co-ownership whereby two or more people own land and share what is known as the right of survivorship. The right of survivorship means that when one joint tenant dies, that tenant's share automatically passes to the surviving joint tenant. The joint tenancy is a popular form of co-ownership because there is no need for a will or probate. Probate is the often time-consuming and costly proceeding whereby one's estate is transferred upon their death.
Tenancy in common refers to a form of shared ownership where two or more persons own land without the right of survivorship. Thus, when a tenant in common dies, the interest of the deceased tenant passes to the deceased tenant's heirs or named beneficiaries under the will.
Tenancy by the entirety is a marital interest that is recognized in less than half of the states. Where recognized, it can only be created in husband and wife, each enjoying the right of survivorship as to the other.
See also:
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