Joint occupancy is one way for two or more individuals to own realty together. This unique classification brings with it specific rights and duties.
Fundamentals of Joint Tenancy
Joint tenancy includes two or more people owning equivalent, undivided shares in property. A joint tenancy needs unity of time, title, interest and ownership.
Missing any of these unities
Rights of Joint Tenancy
the joint occupancy goes back to a tenancy in common.
In some jurisdictions, if a deed is offered to two or more people, there is a presumption that the property is given as a joint occupancy unless the deed defines otherwise. In other jurisdictions, this is not the case. Some jurisdictions have a presumption that when a deed is offered to a couple, there is an anticipation of ownership as renters by the entirety.
Presumption of Joint Tenancy
Circumstances may exist in which a joint tenancy is transformed to an occupancy in typical. This may take place immediately, such as when joint tenants die at the same time. If 2 or more people acquire the property from the last staying joint tenant, they are considered occupants in typical, not as joint occupants.
Converting Joint Tenancy to Tenants in Common
In some scenarios, joint renters may decide that they no longer wish to own the property together as joint renters. In these cases, the joint occupant might ask the court to partition the property into distinct lots. Sometimes, a partition might be one based on sale in which the co-tenants get the profits of the sale.
Partitioning Joint Tenancies
If a person owns property and after that names another individual as a joint renter with him or her, this transfer may be thought about a present of one-half of the value of the property. This might implicate present taxes.
Joint Occupancy Gifts
In order to secure their legal and monetary interests, people may choose to talk to a realty attorney. He or she may be able to prepare the deed so that it includes the necessary language that shows the intents of the parties. Furthermore, he or she can recommend joint occupants on their rights to the property.