|
|
Tenancy In Common
|
Joint Tenancy
|
Community Property
|
Community Property Right Of Survivorship
|
|
Parties
|
Any number of persons
(can be husband and wife)
|
Any number of persons
(can be husband and wife)
|
Only husband and wife
|
Only husband and wife
|
|
Division
|
Ownership can be divided
into any number of interests,
equal or unequal
|
Ownership interests cannot
be divided
|
Ownership interests are equal
|
Ownership and managerial interests are equal
|
|
Title
|
Each co-owner has a separate
legal title to his undivided
interests
|
There is only one title to the
whole property
|
Title is in the "community"
(Similar to title being in a
partnership)
|
Title is in the "community", management is unified |
|
Possession
|
Equal right of possession
|
Equal right of possession
|
Equal right of possession
|
Both co-owners have equal
management and control
|
|
Conveyance
|
Each co-owner's interests
may be conveyed separately
by its 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
|
Right of survivorship may be
terminated pursuant to the
same procedures by which a
joint tenancy may be severed
|
Purchaser's
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
whole title of community;
cannot acquire a part of it
|
Purchaser can only acquire
whole title of community;
cannot acquire a part of it
|
|
|
Death
|
On co-owner's death, his
interest passes by will to his
devisees or heirs. No
survivorship right
|
On co-owner's death, his
interest ends and cannot
be willed. Survivor owns
the property by survivorship
|
On co-owner's death, 1/2
goes to survivor in severalty.
Up to 1/2 goes by will or
succession to others (consult
attorney with specific
questions)
|
Upon the death of a spouse,
his/her interest passes to
the surviving spouse, without
administration, subject to
the same procedures as property
held in joint tenancy
|
Successor's
Status
|
Devisees or heirs become
tenants in common
|
Last survivor owns property
in severalty
|
If passing by will, tenancy in
common between devisee
and survivor results
|
Surviving spouse owns property
|
|
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 his creditor.
Joint tenancy is broken,
creditor becomes a tenant
in common
|
Co-owner's interests 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 attorney
with specific questions)
|
Property of community is
liable for debts which
are made before or after
marriage; whole property
may be sold on execution
sale to satisfy creditor
|
|
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
|
Must be expressly stated
|
This is provided for informational purposes only.
Specific questions for actual real property transactions
should be directed to your attorney or C.P.A.
|
