Joint tenancy is one of the types of property ownership, which entitles two people to simultaneously own the property. The two owners in this type of ownership would own equal, undivided interests in the piece of property. Joint tenancy is very common between a husband and wife that own their half of a property, usually their home. Both owners have an equal access to the property, and occupancy, as well as the assets obtained from the property if it is used as an investment.

Joint tenancies usually entitle their owners to rights of survivorship, which has become very common. A right of survivorship grants the share of one of the owners (owner A), to the other owner (owner B), should that owner (A), happen to die during time of ownership. The surviving owner is entitled to full ownership at this time, over that property and its assets. 

The only step necessary to acquire this should there be a death, is by the now sole owner, to execute and record a death affidavit. In marriage, where joint tenancies with right of survivorship are the most common, the “property” doesn’t have to be physical land or home property. The joint tenancy can refer to a bank account, personal property, brokerage accounts, etc. in addition to real estate property. Again, all the assets in these accounts would be split down the middle, and with right of survivorship, they would be given completely to the surviving owner in case of death. 

The two owners can work out a joint tenancy deed, or other document, prior to signing to establish certain guidelines to follow in case of death. This can provide any specific instructions as to a previously arranged split of assets other than to the other owner, or similar situation. Unless such document exists, the right of survivorship will be solely given to the other ownership under the law.

Some benefits of joint tenancy with right of survivorship include the fact that both owners share an equal responsibility over that property, and the ability to possibly avoid probate. Due to the fact that the property is divided evenly between both owners, they, not only share all the positive things that come with it, but also its liabilities. In a real estate example, if a couple owns a home other than theirs to rent out (as investment), they both share equally the amount of rent money that comes in from the tenant(s). 

However, they are both entitled so spend an equal share of time/money on the maintenance of the property, as well as payment of taxes, all pending on prior arrangements made. Also if repairs are needed on that property that the landlord is entitled to, they must both contribute evenly to making those repairs. This is a very good guideline of joint tenancy, so it leaves room for very little debate from a legal standpoint. 

Now, probate can be a very messy and lengthy process to distribute property and assets of a deceased person. Through this joint tenancy (with rights of survivorship), the law is very clear, therefore, eliminating confusion, lawyer fees, and time to acquire the property. The distribution can take place with ease, both swiftly and efficiently.

In tenancy by the entirety, like other types of concurrent ownership, both owners own a property together. However, in this tenancy, each tenant owns the entire estate, which does not allow one from acting individually over the other. 

This includes prevention of having one of the tenants attempt to sell or give away their interest in the property without prior consent of the other tenant. Tenancy by the entirety does require both parties to be bound by marriage in order to own the property. This has been amended in certain states which now allow domestic partnership or legal unions, so that these individuals, can also take part in a tenancy by entirety.

The property laws involved in this type of tenancy are similar in basis, but the details it entitles vary with each one. The property in a tenancy by the entirety is protected from judgment creditors trying to enforce liens against that property unless both tenants were to file for bankruptcy. The spouses own the property as a single being. In this type of tenancy, the right of survivorship is also offered in case one owner dies. 

This entitles the surviving tenant, ownership of  the property in entirety. In the case that a husband and wife are divorced while in a tenancy by the entirety, then the title of the property and assets would change to a tenancy in common. There are currently 17 states that allow complete tenancy by the entirety, whereas 7 that allow it strictly for real estate purposes. 

Although this area of property law has existed for some years, the full use of it was not taken part in until the pros and cons of this tenancy were completely understood. For example, one disadvantage of property that is held in the title of tenancy by the entirety is the absence of ‘partition’. The tenancy cannot be severed due to partition being filed for by either tenant. 

In addition, in this type of tenancy, the title cannot be modified to a tenancy in common or joint tenancy due to a conveyance of the property. In order for a couple to completely obliterate a tenancy by the entirety, they must either agree accordingly in a document to do so, file for divorce, or acquire an annulment. 

Tenancy in common is another type of concurrent ownership (estate) through which two owners can own a property at the same time. Through this tenancy, there is no ‘right of survivorship’ involved. This type of tenancy is mostly common among two business partners who are not married, or related (even though sometimes that can be the case). The two owners in a tenancy in common, are usually referred to as ‘tenants in common.’

In a tenancy in common, the property remains undivided. This means that both people involved will have full access to the entire property while each owns a part of it. The two most common areas where a person can see a tenancy in common is in real estate and within joint bank accounts. The main difference between a tenancy in common over a joint tenancy is that when one of the owners is deceased, they can determine (by a predetermined will or document) how to distribute the property. 

Unlike a joint tenancy, where the property is automatically given to the surviving owner, in this tenancy, the property can be dispersed to another owner(s) or sold and the assets distributed to who was named in the will or document. Also, in a tenancy in common, both parties are entitled to the use of that property equally even if the interest put into that property wasn’t the same.

When two or more people want to share ownership of a piece of property for any reason, but don’t hold a relationship where they would want the property to be handed over to the other holder/holders in case of his or her death, they commit to a tenancy in common. This is mostly seen among friends, business partners, or in the case of a boyfriend and girlfriend prior to marriage. This entitles each person to have their individual part, and also control what they do with it at the time of their death. 

Speaking in the case of a real estate property, two people can purchase a home and rent it out as a form of added income. They own the property as tenants in common and can collect the rent, and split the payments in half evenly. Should they choose to mutually sell the property, then the property can be sold and the profits made will be evenly split in half and given to each owner (pending the amount they put into the property). Tenancy in common is a way to share a property with someone but not devote the entire property to that person in case of death, and for people that don’t have serious or intimate relationships, or relation to the other person. It is an effective way to invest in property with someone for profit, when one alone doesn’t have the interest alone to do so.