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 and wife and 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 interest cannot be divided

Ownership interest are equal

Ownership interest are equal

Title

Each CO-tenant has a separate legal title to his undivided interest

There is only one titleto the whole property.

Title in the “Community.” (Similar totitle being in a partnership).

Title in the “Community.” (Similar to titlebeing in a 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 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.

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 can only acquire wholetitle 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-owners death, his interests passes by will 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, 1/2 goes to survivor in severalty. Up to 1/2 goes by will or succession to others. (Consult attorney with specific questions).

On CO-owners death, descendants interest ends and cannot be willed. Survivor owns the property by survivorship.

Successor’s Status

Devises 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 tenant in common.

CO-owners 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 attorney with specific questions).

CO-owners 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 attorney with specific questions).

Presumption

Favored in doubtful cases except husband and wife. (See community property)

May 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.