Common Forms of Ownership

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 7/1/01

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/her undivided interests

There is only one title to the whole property

Title is in the “community”

  Title is in the “community”

Possession

Equal right of possession

Equal right of possession

Equal right of possession

  Equal right of possession

Conveyance

Each co-owners interests 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

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 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 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 half goes to survivor in severalty. Up to half goes by will or succession to others (consult an attorney with specific questions)

  On Co-owners death, descendent's interest ends and cannot be willed. Survivor owns the property by survivorship.

Successors Status

Devisees or heirs become tenancy 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.

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 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 (consult an attorney)

  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 (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

  Strong presumption that property acquired by husband and wife is community