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).
Partial Interest refers to the ownership of a part of the ownership rights in a parcel of real estate, which can include rights like mineral rights or easements. It can also describe an undivided interest in a property shared with several other owners.
Partition refers to the division of real property among co-owners who hold it with undivided interests, ensuring each party receives a specific portion or the equivalent value in cases of physical impracticability.
Tenancy in Common (TIC) represents a form of ownership in real estate where two or more individuals hold an undivided interest in the entire property, without Right of Survivorship, enabling them to independently convey their respective shares.
Undivided interest refers to a form of property co-ownership where each owner has a share of the whole property without having exclusive rights to any specific part of it.
