Holding Title
TENANCY IN COMMON | JOINT TENANCY | COMMUNITY PROPERTY | COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP | |
Parties | Any number of persons (can be married spouses or registered domestic partners) | Any number of persons (can be married spouses or registered domestic partners) | Married spouses or domestic partners | Married spouses or domestic partners |
Division | Ownership can be divided into any number of interests equal or unequal | Ownership interest must be equal | Ownership and managerial interests are equal (except control of business is solely with managing spouse) | Ownership and managerial interests are equal |
Title | Each co-owner has a separate legal title to his/her undivided interest | Sale or encumbrance by joint tenant severs joint tenancy | Title is in the “community”. Each interest is separate but management is unified | Title is in the “community,” management is unified |
Possession | Equal right of possession | Equal right of possession. | Both co-owners have equal management and control | Both co-owners have equal management and control |
Conveyance | Each co-owner’s interest may be conveyed separately by its owner | Conveyance by one co-owner without the others breaks the joint tenancy | Personal property (except “necessaries”) may be conveyed for valuable consideration without consent of other spouse; real property requires written consent of other spouse, and separate interest cannot be conveyed except upon death | Right of survivorship may be terminated pursuant to the same procedures by which a joint tenancy may be severed |
Purchaser’s Status | Purchaser will become a tenant in common with the other co-owners in the property | Purchaser will become a tenant in common with the other co-owners in the property as to the purchaser’s interest. Other owner’s may remain joint tenants | Purchaser can only acquire whole title of community; cannot acquire a part of it | Purchaser can only acquire whole title of community; cannot acquire a part of it |
Death | On co-owner’s death, his/her interest passes by will to devisee or heirs. No survivorship rights |
On co-owner’s death, his/her interest ends and cannot be disposed of by will. Survivor owns the property by survivorship | On co-owner’s death, 1/2 belongs to survivor in severalty. 1/2 goes by will to descendant’s devisee or by succession to survivor | Upon death of spouse, his/her interest passes to the surviving spouse, without administration, subject to the same procedures as property held in joint tenancy |
Successor’s Status | Devisee or heirs become tenants in common | Last survivor owns property | If passing by will, tenancy in common between devisee and survivor results | Surviving spouse owns property |
Creditor’s Rights | Co-owner’s interest may be sold on execution sale to satisfy his/her creditor. Creditor becomes a tenant in common |
Co-owner’s interest may be sold on execution sale to satisfy his/her creditor. Joint tenancy is broken, creditor becomes a tenant in common | Property of the community is liable for debts of either spouse, which are made before or after marriage. Whole property may be sold on execution sale to satisfy creditor | Property of community is liable for debts of either which are made before or after marriage; whole property may be sold on execution sale to satisfy creditor |
Presumption | Favored by doubtful cases except married spouses | Must be expressly stated | Strong presumption that property acquired by married spouses is community | Must be expressly stated |