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Pros of Joint Tenancy The primary benefit for many is the right of survivorship. This is a legal term that means the ownership rights pass to the remaining tenants when one dies. It can be a way to ensure property rights pass to a specific party in the event of an individual's death.
This easement of way is a private property right that exists in addition to the right to use the street in common with the general public. This easement extends along any street or alley upon which the owner's property abuts, in either direction, to the next intersecting street.
The difference between a joint tenancy and tenancy in common is significant. Under a joint tenancy with rights to survivorship, upon the death of the first owner, it automatically passes to the surviving owner. In a tenancy in common situation, you each own 50% of the property.
Tennessee law recognizes three (3) forms of concurrent ownership: tenancy by the entirety; joint tenancy with right of survivorship; and tenancy in common. As discussed below, although common law joint tenancy has been abolished in Tennessee, a joint tenancy may still be created as a matter of contract.
Unfortunately, Tennessee does not allow transfer-on-death deeds, a popular tool used to efficiently distribute real property in other states.
Disadvantages of joint tenants with right of survivorship JTWROS accounts involving real estate may require all owners to consent to selling the property. Frozen bank accounts. In some cases, the probate court can freeze bank accounts until the estate is settled.
If all inheritors do not agree then the property cannot be sold. Chill! If majority of the inheritors are willing to sell the property they need to go through a probate court. The inheritors can file a 'partition action' lawsuit in the probate court.
Gates or fencing that restricts access to the subservient land may not be erected. In counties with a metropolitan form of government, the maximum permissible width for an easement or right-of-way is fifteen feet (15').