Tenants In Common Vs Joint Tenancy With Right Of Survivorship In Bexar
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FAQ
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.
Texas law does not include a presumption of survivorship. In order for survivorship rights to apply to jointly-owned property, the owners must execute a written agreement covering survivorship rights. This must be filed with the county.
In most states, you can ensure the right of survivorship for all joint tenants by including JTWROS on the title after your names. However, if you already own a property and want to transfer partial ownership to another party, you can use a Survivorship Deed to establish the right of survivorship.
Texas laws favor the surviving spouse inheriting the estate, but she may not always inherit the entire estate. This is because Texas laws distinguish property between separate and community property.
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!
Cons. Disregarding a will or owner's heirs: Owners can't will their ownership share to their heirs. When owners die, their share of the home immediately passes on to their co-owner or co-owners. If you want to pass your portion of a home to a child, you'll need a different form of ownership.
Right of survivorship in Texas When joint owners of real estate property have this agreement properly prepared, signed in front of a notary and filed in the county records, if one owner dies, the property becomes the sole property of the other owner. Immediately and automatically.
The key distinction between a tenancy in common and a joint tenancy is that a joint tenancy contains a right of survivorship. These means that upon the death of one owner their share of the property will pass to the surviving co-owners. A joint tenant's interest is therefore not freely devisable in a will.
