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VESTING
Tenancy in Common
Parties – Any number of persons (can be husband and wife)
Division – Ownership can be divided into any number of interests
(equal or unequal)
Title – Each co-owner has a separate legal title to his/her
undivided interests
Possession – Equal right of possession
Conveyance – Each co-owner interests may be conveyed separately
by its owner
Purchasers Status – Purchaser becomes a tenant in common with
the other co-owner.
Death – On co-owner’s death his interest passes by will or
succession to his devisees or heirs.
No survivorship right.
Successors Status – Devisees or heirs become tenancy in common
Creditor’s - Co-owner’s interest may be sold on execution sale
to satisfy his creditor. Creditor becomes a tenant in common.
Presumption – Favored in doubtful cases except husband and wife
(see: community property)
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Tenancy in Partnership
Parties – Only Partners (any number)
Division – Ownership interest in relation to interest in
partnership
Title – Each co-owner’s interest is owned in partnership for
partnership purposes
Possession – Equal right of possession for partnership purposes.
No right of possession for any other purpose except by mutual
consent.
Conveyance – Partner’s individual interest in specific property
cannot be conveyed separately. Any authorized partner can convey
the whole partnership title.
Purchasers Status – Purchaser can only acquire the whole title
unless he becomes a partner.
Death – Purchaser can only acquire the whole title unless he
becomes a partner.
Successors Status – Devisees or heirs have no rights in specific
partnership property.
Creditor’s – Partner’s interest cannot be seized or sold
separately by his personal creditor, but his share of profits
may be obtained by a personal creditor. Whole property may be
sold on execution sale to satisfy partnership creditor.
Presumption – Arise only by virtue of partnership status in
specific property held in partnership.
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Joint Tenancy
Parties – Any number of persons (can be husband and wife)
Division – Ownership interests must be equal
Title – There is only one title to the whole property
Possession – Equal right of possession
Conveyance – Conveyance by one co-owner without the others
breaks the joint tenancy.
Purchasers Status – Purchaser becomes a tenant in common with
the other co-owner.
Death – On co-owners death, his interest ends and cannot be
disposed of by will. Survivor owns the property by survivorship
Successors Status – Last survivor owns property in severalty.
Creditor’s - Co-owner’s interest may be sold on execution sale
to satisfy his creditor. Joint tenancy is broken; creditor
becomes a tenant in common.
Presumption – Must be expressly stated. Not favored.
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Community Property
Parties – Only husband and wife
Division – Ownership interests are equal
Title – There is only one title but each co-owner has separate
interest
Possession – Equal right of management and control except in
case of personal property used in a business.
Conveyance – Interests cannot be conveyed separately. Both
co-owners must join in conveyance of real property. Either
co-owner can transfer personal property
Purchasers Status – Purchaser cannot acquire one co-owner’s
interest and hold as community property with other co-owner
Death – On co-owners death, ½ belongs to survivor in severalty,
½ goes by will to decedent devises or by succession to survivor.
Successors Status – If passing by will, tenancy in common
between devise and survivor results.
Creditor’s – Community property is liable for the debt of either
co-owner contracted after marriage. Debtor co-owner’s interest
cannot be sold separately on execution; whole property must be
sold to satisfy creditor.
Presumption – Strong presumption that property acquired by
husband and wife is community
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Community Property with right of Survivorship
Parties – Only husband and wife, and only when interest is
created on or after July 1, 2001
Division – Ownership interests are equal
Title – Title in “community” similar to title being held in a
partnership.
Possession – Equal right of possession.
Conveyance – Both co-owners must join in conveyance of real
property. Separate interest cannot be conveyed
Purchasers Status – Purchaser can only acquire whole title of
community, cannot acquire a part of it
Death – On co-owners death, decedent’s interest ends and cannot
be willed. Survivor owns the property by survivorship
Successors Status – Each survivor owns property in severalty.
Creditor’s – Co-owner’s interest cannot be seized and sold
separately. The whole property may be sold to satisfy debts of
either husband or wife.
Presumption – Strong presumption that property acquired by
husband and wife is community
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