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Another question! Thanks

Posted: Wed Jun 17, 2009 5:54 pm
by totoro
What is the difference between joint tenants and tenants in common?
And how does that affect ownership rights?

Re: Another question! Thanks

Posted: Thu Jun 18, 2009 8:43 am
by Otto Dargan
Joint tenants is a type of ownership of property typically used by married couples. If one owner dies the other automattically takes over their share of the property, no matter what their will says. Joint tenants always have equal shares.

Tenants in common is different because the shares are not always equal and if one of the owners dies then their will determines who will receive their share of the property. Typically this type of ownership is used when friends buy a property together or different companies do a joint venture to buy a property.