Co-ownership refers to any of several legal arrangements by which property is owned by more than one person. This includes forms such as Tenancy in Common, Joint Tenancy, Community Property, Partnership, LLP, and LLC.
Cotenancy refers to any arrangement of multiple ownership in real estate, including Tenancy in Common and Joint Tenancy, where two or more parties hold title to a property together.
Joint ownership refers to a property ownership structure where two or more individuals hold title to a property collectively. This structure can have various legal implications, depending on how the ownership is defined and agreed upon among the parties.
Joint Tenancy refers to the ownership of property by two or more individuals who collectively hold an undivided interest in the real estate, alongside the right of survivorship. This arrangement ensures that when one joint tenant passes away, their interest in the property automatically transfers to the surviving joint tenant(s).
The Right of Survivorship is a legal provision whereby property co-owners hold the right to automatically inherit the interest of a deceased co-owner. This provision is prominently featured in Joint Tenancy and Tenancy by the Entirety arrangements, facilitating smoother transfer of property ownership upon death without the need for probate.
Survivorship is the right of a joint tenant or tenants to maintain ownership rights following the death of another joint tenant, preventing heirs of the deceased from making claims against the property.
Tenancy refers to the right of possession of real property, which can relate to both ownership and occupancy. It includes various forms such as tenancy in common and joint tenancy.
Four characteristics required to create a Joint Tenancy: unity of interest, unity of possession, unity of time, and unity of title, ensuring equal shared ownership among joint tenants.
