Question

Tenants in common vs joint tenants with rights of survivorship

Answer 1

Answer:

When two or more people own community property like a home, either as joint tenants or tenants in common, each individual owns a share (or interest) of the entire property

Explanation:

SIMILARITY

When two or more people own community property like a home, either as joint tenants or tenants in common, each individual owns a share (or interest) of the entire property. This means that specific areas of the property are not owned by one individual, but rather shared as a whole.

DIFFERENCE

1. Ownership Interest  : Tenants in common may be created at different times; so an individual may obtain an interest in the property years after the other individuals have entered into a tenancy in common ownership BUT Joint tenants, on the other hand, must obtain equal shares of the property with the same deed at the same time.

2. Right of Survivorship  : One of the main differences between the two types of shared ownership is that Joint tenants have right of survivorship and tenants in common do not.

One of the main differences between the two types of shared ownership is what happens to the property when one of the owners dies.

In Joint Tenants the interest of a deceased owner automatically gets transferred to the remaining surviving owners but not the case in tenants in common.