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Joint Tenancy Vs Tenants In Common
Joint tenancy is much different from tenants in common. Joint tenancy is a deal where two parties have joint ownership of a property. They have completely equal rights over the property and in most cases the share in the property is always equal. |
In joint property, each individual's property gets automatically transferred to the survivor in case the original owner dies and also the properties are transferable legally even in the absence of a will. A joint ownership gives the right to the owner to sell, change, modify the property and also expand the property. However, any major change or complete change of property has to be done jointly with the agreement of both the parties. Even the sale of the property should be authorized by both the parties. Even if one of the parties disagrees, then the property cannot be sold or modified but can be enjoyed by the other party. In joint tenancy, one party has no right to control the other's ability to enjoy the property.
Tenants in common are two parties who have complete rights over the property and can enjoy it in equal rights. However, the shares that they may own may be different and one may own more than the other. In this case an estate is created where if one of the tenants dies, the property gets transferred to the estate. However, the share of each person in the tenant group does not get affected or change due to the death of one person. A tenant in common has the right to change and modify, sell or enjoy their own share of the property in whichever way they want. The tenants in common can also sell the property to each other. However, if one person has to bring in more tenants in the form of family members, then they will have to bring them in as tenants only where similar rules apply.
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