HOLDING TITLE

TENANCY IN COMMON JOINT TENANCY COMMUNITY PROPERTY COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP
Parties Any number of persons (can be husband and wife) Any number of persons (can be husband and wife) Only husband and wife Only husband and wife and only when interest is created on or after July 1, 2001
Division Ownership can be divided into any number of interests, equal or unequal. Ownership interest cannot be divided Ownership interest are equal Ownership interest are equal
Title Each CO-tenant has a separate legal title to his undivided interest There is only one title to the whole property. Title in the “Community.” (Similar to title being in a partnership). Title in the “Community.” (Similar to title being in a partnership).
Possession Equal right of possession. Equal right of possession. Equal right of possession. Equal right of possession.
Conveyance Each CO-owner’s interest may be conveyed separately by it’s owner. Conveyance by one CO-owner without the others breaks the joint tenancy. Both CO-owners must join in conveyance of real property. Separate interests cannot be conveyed. Both CO-owners must join in conveyance of real property. Separate interests cannot be conveyed.
Purchaser’s Status Purchaser becomes a tenant in common with the other CO-owners Purchaser becomes a tenant in common with the other CO-owners 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-owners death, his interests passes by will to his devisees or heirs. No survivorship right On CO-owners death, his interest ends and cannot be willed. Survivor owns the property by survivorship. On CO-owners death, 1/2 goes to survivor in severalty. Up to 1/2 goes by will or succession to others. (Consult attorney with specific questions). On CO-owners death, descendants interest ends and cannot be willed. Survivor owns the property by survivorship.
Successor’s Status Devises or heirs become tenants in common. Last survivor owns property in severalty. If passing by will, tenancy in common between devisee and survivor results. Last survivor owns property in severalty.
Creditor’s Rights CO-owner’s interest may be sold on execution sale to satisfy his creditor. Creditor becomes a tenant in common. CO-owner’s interest may be sold on execution sale to satisfy creditor. Joint tenancy is broken, creditor becomes tenant in common. CO-owners interest cannot be seized and sold separately. The whole property may be sold to satisfy debts of either husband or wife depending on the debt. (Consult attorney with specific questions). CO-owners interest cannot be seized and sold separately. The whole property may be sold to satisfy debts of either husband or wife depending on the debt. (Consult attorney with specific questions).
Presumption Favored in doubtful cases except husband and wife. (See community property) May be expressly stated and properly formed. Not favored. Strong Presumption that property acquired by husband and wife is community. Strong Presumption that property acquired by husband and wife is community.