Question

Difference between joint tenancy and tenancy in common

Answer 1

Answer & Explanation: Joint tenancy differs from tenancy in common when there is a death or when one owner wants to sell their share.

Tenants in common:  are able to individually sell their ownership in the property. That means that owner A could sell his 50-percent interest while owner B retains her half. The same holds true for inheritances. If owner A passes away, his ownership rights are inherited by his heirs, while owner B would continue to own her portion of the property.

Therefore a tenancy in common can lead to some sticky situations where co-owners of a property don't know each other well or at all.

Whereas in a Joint tenancy when a joint tenant dies the other remaining joint tenants get the decease tenants's interest (eg. ownership) in the property. Also, a joint tenancy allow owners to sell their interests. If one owner sells, the tenancy is converted to a tenancy in common.