Joint occupancy is one way for two or more individuals to own realty together. This unique designation carries with it specific rights and duties.
Basics of Joint Tenancy
Joint occupancy consists of two or more people owning equivalent, concentrated shares in property. A joint tenancy requires unity of time, title, interest and ownership.
Absent any of these unities
Rights of Joint Tenancy
the joint occupancy goes back to a tenancy in common.
In some jurisdictions, if a deed is given to 2 or more individuals, there is an anticipation that the property is approved as a joint occupancy unless the deed defines otherwise. In other jurisdictions, this is not the case. Some jurisdictions have a presumption that when a deed is supplied to a married couple, there is a presumption of ownership as tenants by the entirety.
Anticipation of Joint Occupancy
Circumstances may exist in which a joint tenancy is converted to an occupancy in common. This might occur automatically, such as when joint occupants die at the same time. If 2 or more people inherit the property from the last staying joint tenant, they are considered tenants in typical, not as joint occupants.
Converting Joint Tenancy to Tenants in Common
In some scenarios, joint occupants may choose that they no longer want to own the property together as joint tenants. In these cases, the joint renter might ask the court to partition the property into unique lots. In some cases, a partition may be one based on sale in which the co-tenants receive the profits of the sale.
Partitioning Joint Tenancies
If a person owns property and after that names another individual as a joint renter with him or her, this transfer might be considered a present of one-half of the worth of the property. This may implicate present taxes.
Joint Tenancy Present
In order to safeguard their legal and financial interests, people may choose to speak with a realty legal representative. She or he might be able to prepare the deed so that it consists of the needed language that shows the intentions of the celebrations. Furthermore, he or she can recommend joint occupants on their rights to the property.