A concurrent estate or co-tenancy is a concept in property law which describes the various ways in which property is owned by more than one person at a time. If more than one person own the same property, they are referred to as co-owners, co-tenants or joint tenants. Most common law jurisdictions recognize tenancies in common and joint tenancies, and some also recognize tenancies by the entirety. Many jurisdictions refer to a joint tenancy as a joint tenancy with right of survivorship, and a few U.S. States treat the phrase joint tenancy as synonymous with a tenancy in common.
The type of ownership determines the rights of the parties to sell their interest in the property to others, to will the property to their devisees, or to sever their joint ownership of the property. Just as each of these affords a different set of rights and responsibilities to the co-owners of property, each requires a different set of conditions in order to exist.
Law can vary from place to place, and the following general discussion will not be applicable in its entirety to all jurisdictions.
Read more about Concurrent Estate: Rights and Duties of Co-owners (general), Tenancy in Common, Destruction of Tenancy in Common, Joint Tenancy, Four Unities of A Joint Tenancy, Breaking A Joint Tenancy, Mortgages To Break Joint Tenancy, Petition To Partition To Sever A Joint Tenancy, Tenancy By The Entirety
Famous quotes containing the words concurrent and/or estate:
“I have been too long acquainted with human nature to have great regard for human testimony; and a very great degree of probability, supported by various concurrent circumstances, conspiring in one point, will have much greater weight with me, than human testimony upon oath, or even upon honour; both of which I have frequently seen considerably warped by private views.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“I ‘gin to be aweary of the sun,
And wish th’ estate o’ the world were now undone.”
—William Shakespeare (1564–1616)