Saturday, February 5, 2011

How Does Joint Tenancy Differ From Tenancy In Common?

Joint tenancy is a form of co-ownership where the surviving joint tenant immediately acquires a fee simple interest in the property upon the death of the other joint tenant. Tenancy in common is a different form of co-ownership, where the survivor does not acquire the deceased tenant's interest, but instead the deceased's interest passes according to his or her will. A tenancy in common is presumed to be created by a deed transferring property to 2 or more people, who are not husband and wife. The best way to achieve joint tenancy is through the use of a Survivorship Deed.

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