Joint tenancy and tenancy in common are two forms of co-ownership of property. Here's a brief explanation of the differences between the two:
Joint Tenancy: In joint tenancy, each co-owner owns an equal share of the property. When one of the co-owners dies, their share of the property automatically transfers to the surviving co-owner(s) by the right of survivorship, regardless of what the deceased person's will might say. This means that the last surviving co-owner will own the entire property outright. Joint tenancy is most commonly used by married couples.
Tenancy in Common: In tenancy in common, each co-owner can own a different share of the property. This could be an equal share, or they could own different percentages of the property. Each co-owner can sell or transfer their share of the property without the consent of the other co-owners. When one of the co-owners dies, their share of the property is passed on to their heirs according to their will or state law. This means that the other co-owners do not automatically inherit the deceased person's share of the property.
In summary, joint tenancy is a form of co-ownership where all co-owners have equal ownership and rights to the property, and the last surviving co-owner takes full ownership upon the death of the other co-owner(s). Tenancy in common, on the other hand, allows for unequal ownership shares and each co-owner's share is passed on to their heirs upon their death.
