Tenants In Common Vs Joint Tenancy With Right Of Survivorship In Illinois
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FAQ
Joint Tenants in Illinois In particular, joint tenancies with right of survivorship involve all parties having equal ownership and the right to assume another owner's interest in the event the other owner dies.
In order to sell or convey the entire property, all owners must join in the transfer. As tenants in common, the co-owners have the right to sell, gift, or transfer their interest in the property without the other owners' permission.
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.
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 in Illinois In particular, joint tenancies with right of survivorship involve all parties having equal ownership and the right to assume another owner's interest in the event the other owner dies.
Some states, such as Illinois, presume that if property owned by two or more individuals is not clearly titled (such as without mention of a survivorship provision - see joint ownership with survivorship below), it is owned in tenancy in common.
In order to sell or convey the entire property, all owners must join in the transfer. As tenants in common, the co-owners have the right to sell, gift, or transfer their interest in the property without the other owners' permission.
