What is the difference between joint tenants and tenants in common?January 14th, 2020
Joint tenants: When two or more parties own a property sharing in equal rights and obligations over the property i.e. 50/50. As joint tenants the law of survivorship applies which states that upon the death of one of the joint owners the land as a whole will pass to the surviving proprietor (surviving original owner).
Tenants in common: Where two or more parties may own a property in unequal shares i.e. 70/30. Upon the death of one of the tenants in common the deceased’s share in the property DOES NOT pass to the surviving tenant in common. Instead, the deceased’s share in the property passes to the executor/ administrator of their estate.