Joint Tenancy Definition In Law In Fairfax
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Virginia recognizes the ability of two or more individuals to hold concurrent interests in a property. There are four types of co-ownership structures recognized under the Virginia law: (1) tenancy in common, (2) joint tenancy, (3) tenancy by entirety, and (4) coparcenary.
In Joint Tenancy in Virginia, all owners must control equal shares of the property. This is as opposed to Tenants in Common, where two people may own 50% each, or four people own 25% each, or some other portion of the whole. In Tenancy by the Entirety, each married spouse owns 100% of the property.
In Joint Tenancy in Virginia, all owners must control equal shares of the property. This is as opposed to Tenants in Common, where two people may own 50% each, or four people own 25% each, or some other portion of the whole. In Tenancy by the Entirety, each married spouse owns 100% of the property.
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.
The primary pitfalls are the need for agreement, the potential for assets to be frozen, and loss of control over the distribution of assets after death. Tenancy in common is an alternative to joint tenancy that avoids some of its drawbacks.
Joint tenants are not married so they are not treated as one legal entity. One owner may petition the court to divide the property or order its sale.
In Joint Tenancy in Virginia, all owners must control equal shares of the property. This is as opposed to Tenants in Common, where two people may own 50% each, or four people own 25% each, or some other portion of the whole. In Tenancy by the Entirety, each married spouse owns 100% of the property.
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.
For example, if two unmarried partners make equal contributions toward purchasing a inium and they choose to hold title as joint tenants, the surviving joint tenant will automatically become the sole and separate owner of the inium after the first joint tenant dies.
