Tenacy
Comparative review of tenancy in common, joint tenancy and tenancy by the entirety. If two or more person, such as a husband and wife or business partners, own title to a piece of real property, they are allowed to hold the title in three ways: as tenants in common, as joint tenants with the right of survivorship, or as tenants by the entirety. The first form of holding the title is tenancy in common which means that two or more persons holding an undivided interest in property with each owner's interests going to his or her heirs on death rather than to the survived co-owners.1 These two or more persons can be any person including wife and husband. In this issue it differs from the tenancy by the entirety. Tenants in common owners each hold separate ownership interests, which can be sold, conveyed or transferred without the consent of the other owners. When one of the owner's dies, his or her share of land is transferred by the owner's will or if there is no such will the state will determine the heirs of this person who will become the new owners of that share. The land that is held in this kind of co- ownership can also be partitioned by creditors. In comparison to joint tenancy th
The fact that joint tenants can be any person including wife and husband makes it similar to tenancy in common and different from tenancy by the entirety. But this moment has an advantage for the wife. In the case of non-joint debts of them, the property may not be partitioned, sold, or attached without the permission of both spouses. "3 I think these three kinds are very effective and safe method to hold a property by more than two persons both in matter of protection and reservation of titles to real property. The main characteristic of joint tenant is the four units that make it absolutely different from the two other forms of co- ownership. Under the Common law theory the husband has more rights to control the property than his wife. The property held in Joint Tenancy can be partitioned or sold to others without the consent of the other owners but in this case it will destroy the joint tenancy. JOINT TENANCY Joint tenancy is the second form of ownership by two or more individuals together. If, for instance, a wife and a husband hold a house on tenancy by the entire then it can be attached by the creditors only in case of joint debts of the husband and wife. But the new person becomes tenant with remaining joint tenants. The courts of the State of Illinois have determined that specific terminology must be employed to create this form of tenancy. On the death of any of them, as in joint tenancy, the property will transfer to the survived spouse. The deed must indicate that the parties are married and specify the exact words creating the tenancy. The other characteristic of this form is that all the property that is acquired after marriage is considered to be community property except the property acquired by the will, gift and etc. 2 Unlike the tenancy in common and tenancy by the entirety there is one title for the whole property.
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Acceptance Essays
