Difference between joint tenancy and tenancy in common
There are various forms of joint ownership, including joint tenancy and tenancy in common, which are different in their legal nature.
First of all, please note that although these forms of tenure are technically called "tenancy", they have noting to do with the type of relationship known in contemporary law as landlord -tenant relationship. The term "tenancy" is rooted in medieval traditions, where the distriction between freehold and leasehold was less definite complex than what we currently envisage.
As used in joint tenancy and tenancy in common, tenancy refers to ownerhips as opposed to lease. In both cases, the law defines the exact form of holding property jointly by two or more persons.
Tenancy in common is the fom of ownership where each tenant has a distinct, separate and transferable share of the property, and their ownership rights are independent from each other. They will own the property basically as independent owners of land, but it may not be physically divided between the owners. When one of the tenant dies, the property becomes part of his/her estate and will be subject to a probate proceeding.
Joint tenancy is the situation when two or more people hold title to a real property jointly, with equal rights to enjoy the property during their lives. If one of them
dies, their rights of ownership will pass to the surviving tenant(s). Joint tenancy is only established if the owners acquired the property at the same time, under the same instrument, in the same proportion and they enjoy the property together. If one joint tenant dies, the title of ownership is passed to the surviving without the necessity to undergo probate proceddings.
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