Joint Tenants Form A Restriction In Salt Lake
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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.
Severing a joint tenancy means that you are changing from joint tenants to tenants in common. This means that you and the other owner will go from owning all of the property together, to owning specific shares of the property.
If a tenant in common dies, their interest in the property passes to their heirs or devisees, not to the other owners. Joint Tenancy operates differently because a joint tenant's interest is equal an undivided. When title is held in joint tenancy, there are rights of survivorship for the other vested owners.
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!
As a tenant in Utah, you have the right to a habitable living space, timely maintenance and necessary repairs, privacy with advanced notice before landlord entry, and the use of common spaces. You are also entitled to hold landlord meetings and have clear terms outlined in rental and security deposit agreements.
Right of survivorship. Sums remaining on deposit at the death of a party to a joint account belong to the surviving party or parties as against the estate of the decedent unless there is clear and convincing evidence of a different intention.
If one of you wants to leave If your joint tenancy is for a fixed term (for example, 12 months), you must normally get the agreement of your landlord and the other tenants to give notice to end the tenancy. If you end your tenancy it ends for everyone.
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.
What happens if one joint tenant moves out. The joint tenancy continues if no one takes any steps to end it. Your landlord cannot just take someone's name off the agreement. You're both still responsible for the rent and any arrears.
If the co-renter is moving out without being replaced by another renter, they must negotiate with the remaining renters and the rental provider to have their name removed from the rental agreement.
