Dessy & Dessy, a Professional Corporation | Ronald D. Dessy
To get a complete answer to your question, many of the larger title companies have websites that explain the different manners in which title can be vested among co-owners. Vesting as joint tenants means that after the first joint tenant dies the property is owned only by the remaining joint tenant. Vesting as tenants-in-common, means that following the death of the first tenant, the interest of the deceased tenant, Is inherited According to the provisions of a will, or absent a will, as provided for by law.
Answer Applies to: California
Peters Law, PLLC | Mark T. Peters, Sr.
As tenants in common, if an owner dies, his or her interest goes to his or her heirs, not the other owners. As joint tenants, when an owner dies, his or her interest in the property goes to the surviving joint tenants. Tenancy by the entire ties is basically the same as a joint tenancy, but it is for a husband and wife. Dower, courtesy and divorce may have on impact on tenancy by the entireties.
Answer Applies to: Idaho
William Bidwell, Attorney at Law | Bill Bidwell
Tenants in Common: 2 or more people hold an undivided interest in the property. Any party can own a percentage interest and freely transfer his ownership. If a party transfers his ownership, then the new party (transferee) holds an interest with the other party (s) who retained his/her interest. Joint Tenancy: each tenant owns an equal share. Upon death of one person, the property transfers entirely to the surviving person. Tenant by Entirety: Husband/wife only. This form of tenancy protects a spouse from the other spouse's creditors (i.e. one spouse's creditors cannot attach the property)
Answer Applies to: Michigan
The Krone Law Firm, LLC | Norman B. Krone
Tenants in Common each own an undivided pro-rata share of the property which generally may be conveyed without restrictions, Joint Tenants with right of Survivorship each own all of the property and become the sole owner upon the death of the other owner(s), and Tenants in the Entirety is similar to the Joint Tenancy, except only between spouses.
Answer Applies to: Florida