Joint Tenants Definition In Law In Wake
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FAQ
By jointly owning property, you may find yourself party to a lawsuit if your co-owner is sued or the asset could be lost to a creditor of your co-owner. If your co-owner becomes incapacitated, you could find yourself “owning” the property with the co-owner's guardian or the courts.
If you signed a tenancy agreement with another person (your names are on the same document) then it will be classed as a joint tenancy. They are common amongst students and families as everyone is likely move in and leave at the same time.
Joint tenants have a 100% stake in the property. Tenants in Common have a stake that is reflective of their share. For example, a tenant with a 60% share in the property only owns 60% of that 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.
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!
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.
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.
If you are making the application to sever the joint tenancy without the other owner then you will need to complete a SEV form and provide evidence that the other owner agrees to the severance, for example a written notice signed by the other owner.
Unlike joint tenancy, where each owner has an equal share, tenancy in common allows for specific parts or percentages of the property to be owned by each tenant. This type of ownership is often seen in situations where family members or business partners want to maintain separate shares.
