tenants in common

What is the main difference? As a joint tenant, there is an automatic right of survivorship. If one of the owners dies, the interest of the deceased owner is automatically transferred to the surviving owner. For instance, if Owner A and Owner B own a property as joint tenants and Owner A dies, then Owner B will automatically become the sole owner of the property. This is a common type of ownership between spouses. Tenants in common on the other hand, have no rights of survivorship, unless the deceased individual’s will specifies otherwise. They may hold unequal interests in the property. For example, owner ARead More →