TENANCY

Distinction In Equity Between The Joint Tenancy And The Tenancy In Common



Distinction In Equity Between The Joint Tenancy And The Tenancy In Common

Introduction

The main purpose of this paper is to make an analysis on the unnecessary distinction between the joint tenancy and the tenancy in common. According to different trained lawyers, the distinction between the tenancy in common and joint tenancy is useless. The state of Iowa does not recognize tenancy by the entirety as a form of real property ownership. However, it is mentioned here because some other neighboring states (such as Illinois) may recognize it as a form of real property ownership (Keenan, 2001, p. 23). Tenancy by the entirety is similar to joint tenancy where a husband and wife each own the undivided whole of the property with the right of survivorship, so that upon the death of one spouse, the survivor is entitled to the entire property. However, with tenancy by the entirety, the creditors of an individual spouse cannot attach and sell the interest of the debtor. This protects the non-debtor spouse in the event that the other spouse is in debt or files bankruptcy. Where it is recognized, this form of ownership is limited to married couples. Again, tenancy by the entirety is not recognized under Iowa law.

Joint Tenancy

Joint ownership or joint ownership with rights of survivorship is a very large property together. The owners do not have to be married to each other and more than two people can own property together. All co-owners have an equal and integral interest in the property. No matter who paid how much or what to buy the property. For example, three brothers own 15 acres jointly owned. A brother contributed $ 10,000 and the other two contributed $ 3,000 each for purchase. Despite the uneven contributions to make the purchase, all are equally owners of the land. Similarly, the property is not subject to the will of one of the co-owners and is not subject to probate. In this example, when a sibling dies, the other two automatically inherit and own equally from the property that belonged to deceased brother. Joint ownership saves time and costs of probate. Joint tenancy is a form of ownership in which ownership is shared equally well. The owners have the same amount of interest in joint tenancy (Stockdale, 1996, p. 439). When two or more persons are joint owners and one owner dies, the other (s) automatically receives his share to the deceased. This is called "right of survivorship." With joint tenancy (JT), sometimes also referred to as joint tenancy with right of survivorship (JTWROS), two or more people own property together. As in tenancy in common ownership, each joint tenant has an undivided interest in the property, and each joint tenant may request a court order for partition and sale if that owner wants to terminate the joint tenancy. The major difference between joint tenancy and tenancy in common becomes obvious at the death of one of the ...