Concurrent Estate - Four Unities of A Joint Tenancy

Four Unities of A Joint Tenancy

To create a joint tenancy, the co-owners must share "four unities":

  • Time - the co-owners must acquire the property at the same time.
  • Title - the co-owners must have the same title to the property. If a condition applies to one owner and not another, there is no unity of title.
  • Interest - each co-owner owns an equal share of the property; for example, if three co-owners are on the deed, then each co-owner owns a one-third interest in the property regardless of the amount each co-owner contributed to the purchase price
  • Possession - the co-owners must have an equal right to possess the whole property

If any of these elements is missing, the joint tenancy is ineffective, and the joint tenancy will be treated as a tenancy in common in equal shares.

Read more about this topic:  Concurrent Estate

Famous quotes containing the word joint:

    There is no such thing as “the Queen’s English.” The property has gone into the hands of a joint stock company and we own the bulk of the shares!
    Mark Twain [Samuel Langhorne Clemens] (1835–1910)