What Is The Difference Between Joint Tenancy And Tenancy In Common?
When two or more persons buy property together they have to determine the important co-ownership relationship that will exist between them.
In a Joint tenancy two or more persons own equal shares of the property. Upon the death of one co-owner the ownership is automatically transferred to the remaining owners. This is called the Right of Survivorship. In general, the Joint Tenant does not therefore dispose of his interest by Will.
In a Tenancy in Common two or more persons own an undivided share in the property. Upon the death of one co-owner his share would pass according to his Will or based on the rules of intestate succession.
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