Tenants In Common Vs Joint Tenancy With Right Of Survivorship In Michigan
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FAQ
Joint tenancy is most common among married couples because it helps property owners avoid probate. Without joint tenancy, a spouse would have to wait for their partner's Last Will to go through a legal review process—which can take months or even years.
Sure; so for clarity, whether the property is co-owned or not, so long as YOU are on the deed, a lien is possible.
Further tenancy in common allows parties to hold unequal shares of property interest. Joint tenancy requires each co-owner to hold equal shares of property. Further, co-owners must transfer the deed at the same time. In this sense, joint tenancy is rigid compared to tenancy in common.
Tenants in common gives you more protections and you can specify in a deed of trust what you would want to happen in the event of relationship breakdown (eg if one of you has first dibs to buy the other out, or a time limit on doing so etc) which is definitely better to decide now whilst you still like each other!
Joint Tenants with Full Rights of Survivorship is a form of co-ownership where each owner has an equal share in the property, and if one owner passes away, their share automatically transfers to the surviving joint tenant(s).
Joint tenancy The interest of the deceased owner doesn't pass through their estate and, therefore, isn't distributed through their will. For example, if A and B own property as joint tenants, on A's death, the interest in A's property will revert to B by right of survivorship.
Further tenancy in common allows parties to hold unequal shares of property interest. Joint tenancy requires each co-owner to hold equal shares of property. Further, co-owners must transfer the deed at the same time. In this sense, joint tenancy is rigid compared to tenancy in common.
Unlike Joint Tenancy, there is no “right of survivorship” in TIC, which means that when one co-owner passes away, their share of the property is typically passed on to their heirs or as specified in their will.
