Posted by Jeff M on February 10, 2002 at 07:53:42:
Joint tenancy - the part that is owned by party #1 passes to party #2 upon the death of party #1. This is how most homes with H/W as owner would be set up
Tenancy in common - Suppose you and your brother invest in a property. You each have your own families. Normally, each brother, in this instance, would want his share of the property to go to his survivors. Tenancy in common accomplishes this. If brother #1 died, the ownership wopuld NOT gfo to brother #2, it would go to brother #1’s family. Good luck.
Jeff
Re: What’s the difference between… - Posted by Alex(Boulder)
Posted by Alex(Boulder) on February 09, 2002 at 23:32:52:
I am not an attorney, but in a simple term,
“joint tenancy…”,
The Property (100%) is owned jointly by both of two (usually husband and wife), In another word, the property right can not be devided.
“…with right of survivorship”
The surviving party automatically takes over all the right (100%) to the property when other party deceases, And this right supercedes over the will of the deceased.
“tenancy in common”
Two (or more person) can own the 50% right of the single property each. Actually, the percentage of the ownership interest can be set arbitrarily. Each person’s right can be transferred, sold, gifted, etc., to any one without affecting the other party’s interest (right).
Practical example:
If a husband and a wife, who are both a second marriage and have a child each from previous marriages, they tend to buy the house with “tenancy in common”, because when one of them dies he/she wants to leave the half interest of the house to his/her own child.