Legal Question in Real Estate Law in Florida
What is the difference between joint tenants and tenancies in common? And does any of that matter in the state of Florida?
1 Answer from Attorneys
Joint tenancy requires four unities. Unlike tenants in common, joint tenancy involves right of survivorship, meaning the interest held by each tenant will pass to the other upon death. The four unities necessary to create joint tenancy are:
* Time. Each owner must receive title at the same time.
* Title. Each owner must receive title on the same deed or document evidencing title.
* Interest. Each owner receives the same proportionate and equal share of ownership.
* Possession. Each owner has the identical right of possession.
If one of the joint tenants sells or conveys the interest created in a joint tenancy to another person, the joint tenancy is broken, and a tenancy in common is created. Joint tenants cannot stop another tenant from breaking the joint tenancy.
Related Questions & Answers
-
No questions today I just want to purchase this product right now Asked 8/31/09, 1:13 pm in United States Florida Real Estate and Real Property