When it comes to real estate ownership, two common forms are joint tenancy and tenants-in-common. Understanding the differences between these arrangements is crucial for individuals involved in real estate transactions. In this blog post, we will explore the concepts of joint tenancy and tenants-in-common, shedding light on their distinct characteristics and implications. At Passgo, we provide exceptional real estate services including virtual signings, to ensure that you have the necessary legal guidance throughout your real estate journey.
Joint tenancy refers to a form of co-ownership where two or more individuals hold equal shares of a property. One key feature of joint tenancy is the right of survivorship. This means that if one owner passes away, their share automatically transfers to the surviving owner(s) without going through the probate process. Each joint tenant has an equal and undivided interest in the property. This form of ownership is commonly used by spouses, partners, or family members who wish to ensure a seamless transfer of ownership in the event of death.
Tenants-in-common, on the other hand, involve co-ownership where everyone holds a distinct and divisible share of the property. Unlike joint tenancy, there is no right of survivorship in tenants-in-common. Each tenant-in-common has the freedom to transfer or sell their share independently without the consent of the other co-owners. This arrangement allows for more flexibility and can be advantageous for individuals who want to maintain separate interests or investments within a property.
Understanding the differences between joint tenancy and tenants-in-common is crucial when entering real estate co-ownership arrangements. Passgo is here to provide expert legal guidance and support throughout your real estate journey. With our extensive knowledge, virtual signing capabilities, and commitment to client satisfaction, we ensure that your real estate transactions are handled efficiently, protecting your rights and interests every step of the way. Contact Passgo today for reliable and tailored legal services.