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  • Common forms of Ownership


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  • Common Forms of Ownership

      Tenancy in Common Joint Tenancy Community Property
    Title Each co-owner has a separate legal title to his/her undivided interests There is only one title to the whole property Title is in the "community"
    Division Ownership can be divided into any number of interests equal or unequal Ownership interests cannot be divided Ownership interests equal
    Parties Any number of persons (can be husband and wife) Any number of persons (can be husband and wife) Only husband and wife
    Possession Equal right of possession Equal right of possession Equal right of possession
    Conveyance Each co-owners interests may be conveyed separately by it´s owner Conveyance by one co-owner without the others, breaks the joint tenancy Both co-owners must join in conveyance of real property. Separate interests cannot be conveyed.
    Purchasers Status Purchaser becomes a tenant in common with the other co- owners Purchaser becomes a tenant in common with the other co-owners Purchaser can only acquire while title of community: cannot acquire part of it
    Successors Status Devisee´s or heirs become tenancy in common Last survivor owns property in severalty If passing by will, tenancy in common between devisee and survivor results
    Creditors Co-owner´s interest may be sold on execution sale to satisfy his creditor. Creditor becomes a tenant in common. Co-owner´s interest may be sold on execution sale to satisfy creditor. Joint tenancy is broken, creditor becomes a tenant in common. Co-owner´s interest cannot be seized and sold separately. The whole property may be sold to satisfy debts of either husband or wife, depending on the debt (consult an attorney)
    Presumption Favored in doubtful cases except husband and wife (see community property) Must be expressly stated and properly formed. Not favored. Strong presumption that property acquired by husband and wife is community.
    Death On co-owner´s death his interest passes by will or succession to his devisees or heirs. No survivorship right. On co-owners death, his interest ends and cannot be willed. Survivor owns the property by survivorship. On co-owners death ˝ goes to survivor in severalty. Up to ˝ goes by will or succession to others (consult an attorney with specific questions)
    This is provided for informational purposes only.



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