What is enancy?
Definitions • “Tenancy” refers to the way in which two or more owners hold title to real property. Tenancy is created when a deed or other conveyance document between parties is recorded. The most common forms of tenancy are “Joint Tenancy” or “Tenants in common”, although there are other less frequently used forms also. Each version has certain tax ramifications. We recommend our patrons seek competent legal and financial advice when considering a change in tenancy. • “Joint Tenancy” creates a survivorship circumstance between owners of the property. When title to real property is held in joint tenancy and upon the death of one of the owners, the deceased party’s interest becomes the interest of the surviving party, in the case of one other party, or is divided equally among other surviving parties, if more than one. It is most commonly used in the case of a husband/wife ownership, or between family members. • “Tenants in common” creates an undivided interest in each of the Grantees,
