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:
“Such joint ownership creates a place where mothers can “father” and fathers can “mother.” It does not encourage mothers and fathers to compete with one another for “first- place parent.” Such competition is not especially good for marriage and furthermore drives kids nuts.”
—Kyle D. Pruett (20th century)