Joint-tenants vs. tenants in common?? - Posted by Kristine-CA

Posted by Chuck Rosenberg on September 06, 2005 at 14:41:59:

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Joint-tenants vs. tenants in common?? - Posted by Kristine-CA

Posted by Kristine-CA on April 23, 2004 at 21:09:18:

My understanding of joint-tenancy is that that any of the owners can sell their interest in the property–separately from the other joint tenants. What happens with tenants-in-common? What happens when tenants-in-common cannot come to an agreement about a sale?

Is a partition suit necessary in both cases when owners do not agree to sell together?

Kristine

Re: Joint-tenants vs. tenants in common?? - Posted by Bill H

Posted by Bill H on April 24, 2004 at 11:20:35:

Hi Kristine:

Put this in your favorites…it will answer most of your run of the mill questions about legalities.

http://www.lawinfo.com/lawdictionary/dict-t.htm

Good Luck,
Bill H

PS: On your abstract of judgementforeclosure question and Rick’s answer…what they HEY!! Try it…you never know how it may turn out.

Re: Joint-tenants vs. tenants in common?? - Posted by Brent_IL

Posted by Brent_IL on April 23, 2004 at 22:24:47:

Joint tenancy doesn’t affect just survivorship. A joint tenancy automatically ends if either joint tenant conveys his interest to some other person. The new owner becomes a tenant-in-common with the remaining ex-joint tenant. If someone, creditor or such, sues a joint tenant and acquires his or her interest, it automatically severs the joint tenancy.

A tenant-in-common can only transfer the interest that he or she has. If they don’t all agree to sell, a partition suit seeking a forced sale as the altrnative is necessary for relief.

Re: Joint-tenants vs. tenants in common?? - Posted by Ryan

Posted by Ryan on April 23, 2004 at 22:17:52:

Yes Vlad is correct. You can sell your interest in the property, but you can not leave it to your heirs in joint tenancy, because it goes to your other owners.

So if 3 people (A, B, C) own a property as Joint Tenancy (33%) each, then if C passes on, A now has 50% and B has 50%.

Now if it was Tenancy in Common and C pass on, A still has 33%, B has 33% and the heirs of C have 33%.

If owners do not agree to sell together, then the one that wants to sell, can have the one that does not simply buy our their interests for what they would have received selling.

This is why having solid attorneys document everything in a partnership going in.

Ryan D. Steele
Principal
4R Management
"Providing Funding Solutions"
http://www.4rmanagement.com

Re: Joint-tenants vs. tenants in common?? - Posted by vladimir(IL)

Posted by vladimir(IL) on April 23, 2004 at 21:23:05:

Hi Kristine,

From what I understood studying for IL Realtor’s exam is that Joint tenancy and Tennancy in Common are basically the same, except for the right of survivorship. In other words, if the two people own their property as joint tennants, when one of them dies, he/she cannot pass their interest to their heirs, where tennants in common may.

Re: Joint-tenants vs. tenants in common?? - Posted by Sharon Jacobs

Posted by Sharon Jacobs on February 03, 2005 at 12:29:25:

My mother purchased a home 15 yrs before she married.
Mortgage paid by Grandmother until mother refinanced.
4 years into marriage Refinanced with her husband “deed of trust” joint tenancy, mother quit claim property to me, also in will. does husband still own half? he does not have any value in property. California- separate property- owned before marriage-forced grant deed due to refi.

Re: Joint-tenants vs. tenants in common?? - Posted by Chuck Rosenberg

Posted by Chuck Rosenberg on September 05, 2005 at 07:50:08:

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Re: Joint-tenants vs. tenants in common?? - Posted by MACARTHUR MARSHALL

Posted by MACARTHUR MARSHALL on April 30, 2004 at 12:07:51:

SUPPOSE ONE OF THE OWNERS IN A TENANTS IN COMMON SITUATION IS THE PARENT OF THE OTHER OWNER AND CHILD IS THE ONLY CHILD, WHATS HAPPENS IN THAT CASE?