Common Forms of Ownership Chart
| Vesting Subject |
Tenancy in Common | Joint Tenancy | Community Property | Community Property with Rights of Survivorship |
|---|---|---|---|---|
| NOTE: This table is intended for reference only. Clients should be advised to consult an attorney regarding the best way to hold title as personal circumstances often affect this decision. | ||||
Parties | Any number of persons. |
Any number of persons. |
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 interests cannot be divided. |
Ownership interests are equal. |
Ownership interests are equal. |
Title |
Each co-worker has a separate legal title to his undivided interest. |
There is only one title to the whole property. |
Title in the "Community" (Similar to the title being in a partnership). |
Title in the "Community" (Similar to the 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 its owner. |
Conveyance by one co-owner without the others breaks the joint tenancy. |
Both co-owners must joint in conveyance of real property. Separate interests cannot be conveyed. |
Both co-owners must joint 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 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-owner’s death, his interest passes by will to his devisees or heirs. No survivorship right. |
On co-owner’s death, his interest ends and cannot be willed. Survivor owns the property by survivorship. |
On co-owner’s 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-owner’s death, descendent’s interest ends and cannot be willed. Survivor owns the property by survivorship. |
Successor’s Status |
Devisees 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-owner’s 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-owner’s 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). |
Must 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. |
