How To Determine If Owners Are Joint Tenants ?

There can be multiple owners to a property. The rights and powers of the individual owners can be broadly divided to two - Joint tenancy and Tenancy in common.

Joint tenancy automatically comes with Rights of Survivorship which means if one of the joint tenants dies, the rights of the property is automatically transferred to the rest of the survivors without any further legal delays or costs. The only requirement to transfer the rights is to provide a legal death certificate of the deceased owner in addition to the affidavit of survivorship. More...

Define Joint Tenants

If two or more people own the same property and hold the power for equal undivided ownership and rights to dispose or retain the property, then they are called joint tenants. The Rights of Survivorship automatically holds good for this kind of tenancy. According to this law, if one of the joint tenants passes away, the property is transferred to the rest of the survivor(s), who are the co-owners of the property.

Finally, if only one tenant survives among the list of the joint tenants, he or she holds the entire property. Until the other joint tenants are alive, each individual enjoy the same rights and have equal powers to take any decision on the property. More...

Difference Between Joint Tenants Tenancy In Common

More than one individual can jointly own a property or investment in different forms which may include land, home, money, etc. However, the rights and powers of each individual owner differ based on the type of ownership. Joint ownership of property can be broadly divided into two types -- Joint tenancy with Rights of Survivorship or Tenancy in common.

In joint tenancy, the individuals who are joint tenants enjoy equal and undivided rights to take a decision on the property. Every individual enjoys equal share on the interest earned and hold the property under the same name. The vested period of the property is the same for all individuals who are joint tenants. When one of the joint tenants dies, the Rights of Survivorship automatically transfers the power and ownership or control to the rest of the survivors. When only one joint tenant lives, then the entire property comes under his control. More...