| |
Tenancy in Common |
Joint Tenancy |
Community Property |
Community Property with Right of Survivorship (effective 7-1-01) |
| Parties |
Any number of persons (Can be husband & wife). |
Any number of persons (Can be husband & wife). |
Only husband & wife. |
Only husband & wife. |
| Division |
Ownership can be divided into any number of interests equal or unequal. |
Ownership interests must be equal. |
Ownership & managerial interests equal except control of business
is solely with managing spouse. |
Ownership & managerial interests equal except control of business
is solely with managing spouse. |
| Title |
Each co-owner has a separate legal to his undivided interest. |
There is only one title to the whole property. |
Title is in the “community”. Each interest is separate but management
is unified. |
Title is in the “community”. Each interest is separate but management
is unified. |
| Possession |
Equal right of possession. |
Equal right of possession. |
Both co-owners have equal management & control. |
Both co-owners have equal management & control. |
| Conveyance |
Each co-owner's interest may be conveyed separately by its owner. |
Conveyance by one co-owner without the other breaks the joint tenancy. |
Personal properties (except “necessaries”) may be conveyed for valuable
consideration without consent of other spouse. Real property requires
written consent of other spouse & separate interest cannot be conveyed
except upon death. |
Conveyance by one co owner without the other breaks the community interest
with right of survivorship. |
| Death |
On co-owner's death his interest passes by will to his devisees or his
heirs. No survivorship rights. |
On co-owner's death his interest ends & cannot be disposed of by
will. Survivor owns the property by survivorship. |
On co-owner's death half belongs to survivor in severalty. Half goes
by will to decedents devisees or by succession to survivor. |
On co-owner's death his interest ends & cannot be disposed of by
will. Survivor owns the property by survivorship |
Successors
Status
|
Devisees or heirs become tenants in common. |
Last survivor owns property in severalty. |
If passing by will tenancy in common between devisee & survivor
results. |
Last survivor owns property in severalty. |
Courtesy: First American Title.
