| |
Tenancy in Common |
Joint Tenancy |
Community Property |
| Parties |
Any number of persons (can be husband and wife) |
Any number of persons (can be husband and wife) |
Only husband and wife |
| Division |
Ownership can be divided into any number of interests equal or unequal |
Joint tenants have one and the same interest |
Ownership interests are equal |
| Title |
Each co-owner has a separate legal title to his/her undivided interest |
There is only one title to the whole property |
Title is in the "community" Each interest is separate |
| Possession |
Equal right of possession |
Equal right of possession |
Both co-owners have equal possession |
| Conveyance |
Each co-owners interest may be conveyed separately by it's owner |
Conveyance by the owner without the others breaks his or her joint tenancy |
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 aquire whole title of community, cannot aquire a part of it |
| Death |
On co-owner's death his/her interest passes by will to his/her heirs subject to administration by the local Superior Court. No survivorship right |
On co-owners death the entire tenancy remains to survivor. The right of survivorship is the primary incident of joint tenancy |
On co-owners death 1/2 belongs to survivor in severalty 1/2 goes by will to decendents devisee's subject to administration by the local Superior Court. |
| Successors Status |
Devisee's or heirs become tenants in common |
Last survivor owns property in severalty |
If passing by will, tenancy in common between devisee and survivor results |
| Creditor's Rights |
Co-owner's interest may be sold on execution sale to satisfy his/her 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-owners interest can't be sold separately, the whole property may be sold on execution to satisfy debts of wither husband or wife, depending on debt (consult an attorney with specific questions) |
| Presumption |
Favored in doubtful cases except husband and wife (see Community Property) |
Must be expressly stated and properly formed. Not favored |
Strong presumption that the property aquired by husband and wife is community |