What is the Difference Between Joint Tenants and Tenants in Common?

Joint tenants and tenants in common are both ways of sharing property ownership among multiple individuals, but they have some key differences:

1. equal ownership: Joint tenants must own equal shares of the property, while tenants in common can have different ownership interests, such as one owner having a 25% share and another having a 50% share.
2. obtaining property: Joint tenants must acquire their property interests simultaneously from the same source, while tenants in common can acquire their interests at different times and from different sources.
3. right of survivorship: In a joint tenancy, if one tenant dies, the remaining tenants automatically inherit the deceased tenant's share of the property. In a tenancy in common, each owner's share is part of their estate and is passed on to their heirs according to probate court rules.
4. flexibility: Tenancy in common is more flexible, as each co-owner can buy, sell, or bequeath their personal share of the property interest without affecting the other tenants.
5. creditor issues: Both joint tenancy and tenancy in common can be affected by creditors. If one co-owner has debt that is defaulted upon, the creditor can pursue the tenant's property to satisfy the debt, potentially forcing the property interests to be divided and sold.

In summary, joint tenancy typically involves equal ownership shares, simultaneous acquisition of property, and a right of survivorship, while tenancy in common allows for unequal ownership shares, different acquisition times, and less flexibility in transferring property interests.

Comparative Table: Joint Tenants vs Tenants in Common

Here is a table comparing the differences between joint tenants and tenants in common:

Joint tenants share equal ownership of the property and are responsible for any debts or liabilities related to the property. Tenants in common, on the other hand, can have equal or unequal shares and their liabilities may depend on state laws or other contract agreements. When one joint tenant dies, the remaining tenants automatically inherit their share, whereas tenants in common do not automatically inherit each other's property share when one dies. Maintenance and repairs are shared equally among joint tenants, while tenants in common's responsibilities may be based on ownership percentage or other agreements.