Asked by Sebastian Alonso on Jun 26, 2024
Verified
Distinguish between a tenancy in common and a joint tenancy.
Tenancy In Common
A form of co-ownership where each party owns a specific percentage of the property and can bequeath their share to a beneficiary upon death.
Joint Tenancy
A form of co-ownership where two or more persons hold property simultaneously, with rights of survivorship transferring the deceased's interest to the remaining owner(s).
- Characterize the variations between multiple estate types in real estate, including the leasehold and freehold distinctions.
Verified Answer
DW
davin williamsJul 01, 2024
Final Answer :
A tenancy in common is where two or more people share an estate on the same property, each owning an undivided interest. In a joint tenancy, on the other hand, each of the parties owning the property owns the whole property, and when one of them dies, the other retains the entire title by survivorship.
Learning Objectives
- Characterize the variations between multiple estate types in real estate, including the leasehold and freehold distinctions.