Illinois Warranty Deed to Separate Property of One Spouse to Both Spouses as Joint Tenants
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FAQ
One of the main differences between the two types of shared ownership is what happens to the property when one of the owners dies. When a property is owned by joint tenants with survivorship, the interest of a deceased owner automatically gets transferred to the remaining surviving owners.
Joint owners have rights that are defined by the type of ownership method chosen. The term "co-owner" implies that more than one person has an ownership percentage of the property. Joint ownership, in its three common forms, refines and defines the rights of the co-owners.
In estate law, joint tenancy is a special form of ownership by two or more persons of the same property. The individuals, who are called joint tenants, share equal ownership of the property and have the equal, undivided right to keep or dispose of the property. Joint tenancy creates a Right of Survivorship.
In California, most married couples hold real property (such as land and buildings) as joint tenants with right of survivorship.For instance, many married couples share real property as joint tenants. This way, upon the death of a spouse, the surviving spouse will own 100% share of the property.
If you look at the registered title to your own jointly owned property and the text isn't shown on it, you own it as joint tenants. If it is there, you own it as tenants-in-common.
For example, joint tenants must all take title simultaneously from the same deed while tenants in common can come into ownership at different times. Another difference is that joint tenants all own equal shares of the property, proportionate to the number of joint tenants involved.
Tenants in common and joint tenants can petition a court to partition the property. This means that the court is being asked to divide the property into different lots or sections. There are two general types of partitions.
What is Community Property? Community property is also a form of co-ownership, but is applicable only between husband and wife. Like joint tenancy property, each spouse's interest in community property is equal during their marriage.
Co-owners have equal rights to possession of the property, and equal rights and responsibilities. If one co-owner excludes the other from the property, the excluded co-owner can recover the property's rental value from the excluding co-owner.