Joint Tenancy Definition With Right Of Survivorship In Michigan
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FAQ
As joint tenants, two or more people share ownership of the property, each with an undivided equal interest. Unlike tenants in common, there is a right of survivorship for the other co-owners upon the death of another. This allows the property to be transferred outside of probate upon the death of a co-owner.
Sure; so for clarity, whether the property is co-owned or not, so long as YOU are on the deed, a lien is possible.
In short, to force the sale of jointly owned property, you must first confirm title, then attempt a voluntary sale or buyout, file and serve a partition lawsuit, get an appraisal, sell the property, and finally divide the sale proceeds fairly.
No owner can sell or transfer their interest in the property without the consent of the other joint tenants. Here is an example: Bob, Mary, and Kelly own a cottage together as joint tenants with full rights of survivorship. Mary dies.
In the context of joint tenancy, typically four unities are required for its valid creation: Unity of Possession, Unity of Interest, Unity of Time, and Unity of Title, collectively referred to as the 'four unities' in property law. However, one example of a 'unity' that is not required is the Unity of Marriage.
Joint Tenancy with Right of Survivorship (JTWROS)
A joint tenancy with full rights of survivorship is created when real property is conveyed to two or more people, and the conveying document (usually a deed) specifically mentions survivorship. When a joint tenant dies, their share passes to the remaining tenants.
The key feature that distinguishes joint tenancy from other types of ownership rights is that the surviving joint tenant(s) acquires the shares held by another tenant upon their death.
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.
