Vesting Subject |
Tenancy in Comnon |
Joint Tenancy |
Community Property |
Community Property With 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 and only when interest is created on or after 7/1/01. |
Division |
Ownership can be divided into any number of interest, equal or unequal. |
Ownership interests cannot be divided. |
Ownership interests are equal. |
Ownership interests are equal. |
Title |
Each co-owner has a separate legal title to his undivided interest. |
There is only one title to the whole property. |
Title in the “Community.” (Similar to title being in a partnership). |
Title in the “Community.” (Similar to title being in a partnership). |
Possession |
Equal right of possession. |
Equal right of possession. |
Equal right of possession. |
Equal right of possession. |
Conveyance |
Each co-owner’s interest 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. |
Both co-owners must join in conveyance of real property. Separate interests cannot be conveyed. |
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.) |
On co-owner’s death, decedent’s interest ends and cannot be willed. Survivor owns the property by survivorship. |
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. |
Last survivor owns property in severalty. |
Creditor’s Rights |
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 attorney with specific questions.) |
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 attorney with specific questions.) |
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. |
Strong presumption that property acquired by husband and wife is community. |