|
TENANCY IN
COMMON |
JOINT
TENANCY |
COMMUNITY PROPERTY |
COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP |
Who can take title? |
Any number of persons (can be husband and wife) |
Any number of persons (can be husband and wife) |
Only husband and wife |
Only husband and wife |
How is ownership divided? |
Ownership can be divided into any number of interests, equal or unequal |
Ownership interests must be equal |
Ownership interests must be equal |
Ownership interests must be equal |
Who holds the title? |
Each co-owner has a separate legal title to his undivided interest |
Title to entire property is jointly held by the joint tenants |
Title in the "community" (similar to title being in a partnership) |
Title in the "community" (similar to title being in a partnership) |
Who has possession? |
Equal right of possession |
Equal right of possession |
Equal right of possession |
Equal right of possession |
How do owners convey their interest? |
Each co-owner's interest may be conveyed separately by its owner |
Conveyance by one co-owner without the others breaks the joint tenancy, and owners then become tenants in common |
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 with the other co-owners |
Purchaser becomes a tenant in common with the other co-owners |
Purchaser becomes a tenant in common with the other co-owners |
Purchaser becomes a tenant in common with the other co-owners |
What happens in case of death? |
On co-owner's death, his interest passes by will to his divisees* 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-tenant's death, if descendent leaves a will, title goes to decedent's devisee*. If not, title goes to the survivor |
Decedent's interest automatically passes to surviving spouse due to Right of Survivorship |
What is the successor's status? |
Devisees or heirs become tenants in common |
Last survivor becomes sole owner |
If passing by will, tenancy in common between devisee and survivor results |
Surviving spouse becomes the sole owner |
What is the presumption of law? |
Favored in doubtful cases except husband and wife (see community property) |
Must be expr5essly 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 |
Is tax basis adjusted when first spouse dies? |
Only to extent of deceased spouse's interest |
Only as to half the property |
Yes-entire property receives "stepped up" basis |
Yes-entire property receives "stepped up" basis |
