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
"Providing Funding Solutions"