TENANCIES AND TYPES OF OWNERSHIP

TENANT IN SEVERALTY

Sole ownership, held by one person and created by transfer to one person and the possession of the property is totally to one person with the conveyance having no restrictions except if marital rights are present or if any type of prenuptial agreements are relevant to property ownership, in the event of death the entire property may be subject to probate and could be included in a gross estate for federal and state death taxes, it is also subject to creditor's claims and lastly is not presumed by law.

TENANCY IN COMMON

Mote than one owner with a specified percentage of interest for each person and with inheritance to heirs of estate, there is no right of survivorship and it is created by express act and also by the failure to express tenancy by the entities invloved, it has equal rights of possession, which means that each owner has a separate legal title to his undivided percentage interest but it could be made unequal if agreed upon by the owners and expresly executed, the conveyance by each owner is done individualy and the purchaser of such function will become a tenant in common, the fractional interest of each owner is subject to probate and included in gross estate for federal and state death taxes, the property passes by will to devisees or heirs, who then become tenants in common, there is no right of survivorship, the individual owner's interest is subject to creditors claim, it is favored by presumed law even in skeptical cases and presumed to be of equal interests.

JOINT TENANCY

There is more than one owner with an equal percentage of interest between each owner but in this case the inheritance goes to the survivor, it is not a corporation and it has the right of survivorship, the creation is expressed by parties intention in which the title, interest, possession and time are of equal possession, only one title is necessary since theoretically is deemed owner of whole, all the interests must be equally undivided, if you convey your interest it will break the tenancy agreement and the new purchaser becomes a tenant in common, there is no probate or will and the interest of the property goes to the surviving tenants, the last tenant holds it in severalty, in the effect of death the entire property is included in decedent's gross estate for federal estate tax purposes, but there is a percentage attributable to survivor's contribution, in case of creditors debt, the interest of an owner is subject to an execution sale, which makes the tenancy inactive or broken and the purchaser becomes a tenant in common, interesting enough the creditor gets nothing if the debtor tenant owner dies before the sale and lastly it is not presumed by law and must be expressly stated.

TENANCY BY THE ENTIRITIES

The property is held by husband and wife, with the right of survivorship, the creation is done mutually by each party, in case of a divorce they become tenants in common, there are equal right's of posession and there is only one title, the conveyance of the property is invalid without the consent of the other and there is no probate, but the survivor inherits the property, on the effect of death, the property automatically goes to the surviving party, which makes it tenant in severalty but the entire property will become a gross estate for federal and state taxes requirements, in case of creditor's claim it must be executed if both husband and wife owe the same creditor and lastly it must be expresly stated to be presumed by law.