Sandra and Joe own a hobby farm as tenants in common. They also own a vacation home as joint tenants. What is the difference between the tenancy in common and joint tenancy?
The primary difference between these two types of concurrent estates is that joint tenancy has rights of survivorship which means that upon the death of one of the co-owners, the deceased's interest passes to the surviving joint tenant. Under an ownership by tenancy in common, the deceased co-tenant's interest passes to her beneficiaries named in her will. Also, a tenant in common can convey his interest at any time during ownership. Under a joint tenancy, a conveyance by one of the joint tenants will destroy the rights of survivorship and create a tenancy in common.
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