Various Kinds of Joint Ownership

The Various Kinds of Joint Ownership

Property may be owned jointly in three principal ways:

1.   Joint Tenancy.   In this type of ownership, two or more people hold title to property.  When one dies, his share passes automatically and completely to the surviving owner or owners.

2.   Tenancy by the entirety.  This is a form of joint tenancy that can exist only between husband and wife.  Unlike joint tenancy, however, neither partner acting alone can sell or assign his interest to anyone else.  Upon the death of one spouse, the survivor becomes sole owner.

3.   Tenancy in common.  Here, property may be owned by two or more persons, but when one dies, his share passes directly to his heirs, not to the survivor or survivors.