|
Tenancy
in Common |
Joint
Tenancy |
Community
Property |
Community
Property with Right of Survivorship |
| WHO? |
Any
number of persons (can be husband and wife). |
Any
number of persons (can be husband and wife). |
Only
husband and wife. |
Only
husband and wife. |
| DIVISION |
Ownership
can be divided into any number of interests, equal or unequal. |
Owner
interests must be equal. |
Ownership
and managerial interests are equal. |
Ownership
and managerial interests are equal. |
| TITLE |
Each
co-owner has a separate legal title to his or her undivided
interest. |
There
must be unity of title and time. (created in one document) |
Title
is in the "community." Each interest is
separate but management is unified. |
Title
is in the "community." Each interest is
separate but management is unified. Title must expressly
state community property with right to survivorship. |
| POSSESSION |
Equal
rights of possession. |
Equal
rights of possession. |
Both
co-owners have equal management and control. |
Both
co-owners have equal management and control. |
| CONVEYANCE |
Each
co-owner's interest may be conveyed separately by its
individual owner. |
Conveyance
by one co-owner without the others will terminate that
individual's joint tenancy. |
Real
property requires written consent of other spouse, and
separate interest cannot be conveyed except upon death. |
Real
property requires written consent of other spouse, and
separate interest cannot be conveyed except upon death. |
| PURCHASER'S
STATUS |
Purchaser
will become a tenant in common with the other property co-owners. |
Purchase
will become a tenant in common with the other co-owners. |
Purchaser
can acquire title from the community with written consent
or joinder of both spouses. |
Purchaser
can acquire title from the community with written consent
or joinder of both spouses. |
| DEATH |
On
co-owner's death, his or her interest passes by will to
that person's devisees or heirs. No survivorship
right. |
On
co-owner's death, his or her interest ends and cannot
be disposed of by will. Survivor(s) own(s) the property.
An affidavit of death of joint tenant establishes death. |
Upon
death of one spouse, 50% belongs to surviving spouse,
50% goes by will to descendant's devisees or by succession
to surviving spouse. |
Upon
death of one spouse, his or her interest ends and cannot
be disposed by will. Survivor owns the property
100%. An affidavit of death (community property
with right of survivorship) establishes death of a spouse. |
| SUCCESSOR'S
STATUS |
Devisees
or heirs become tenants in common. |
Last
survivor owns property 100% |
If
passing by will, tenancy in common between devisees and survivor
results. |
Purchaser
can only acquire whole title of community; cannot acquire
a part of it. |
| CREDITOR'S
RIGHTS |
Co-owner's
interest may be sold on execution sale to satisfy his
or her creditor. The creditor becomes a tenant in
common. |
Co-owner's
interest may be sold on execution sale to satisfy creditor.
Joint tenancy is broken; creditor becomes tenant in common |
Property
of community is liable for contracts of either spouse
which were made after marriage and prior to or after January
1, 1975. Co-owner's interest cannot be sold separately;
whole property may be sold on execution to satisfy creditor. |
Property
of community is liable for contracts of either spouse
which were made after marriage and prior to or after January
1, 1975. Co-owner's interest cannot be sold separately;
whole property may be sold on execution to satisfy creditor. |
| PRESUMPTION |
Favored
in doubtful cases except husband and wife case. |
Must
be expressly stated. Not favored. |
The
legal presumption is that property which has been acquired
during the course of the marriage is community property. |
The
code reads that deeds must state "community property
with the right of survivorship." |
