2006-10-30 05:33:33 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Here are the correct definitions as taken from realestateabc.com
Joint Tenants: A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.
tenancy in common
As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.
Hope this helps you.
2006-10-30 09:12:03 · answer #1 · answered by Realtor Jim 2 · 0⤊ 0⤋
Joint tenancy is established at the TIME the contract is signed. If, for instance, one of the people dies or gets out of the contract and someone else decides to replace them in the contract, the replacing person becomes a tenanct in common.
Basically, the timing of being tied to the contract is the primary factor.
2006-10-30 05:40:44 · answer #2 · answered by gene177 2 · 0⤊ 2⤋
Joint --if one dies the other inherits
Common If one dies then his or hes estate inherits half the other half stays with the other tenant.
2006-10-30 05:39:55 · answer #3 · answered by golferwhoworks 7 · 1⤊ 1⤋