What are “joint tenants” and “tenancy in common” in Property co-ownership?
1. A property held by 2 or more persons as joint tenants means that upon the death of one joint owner, his interest in the property is taken over by the surviving owner(s). The joint owner may not will away his interest in the property to others in his Will. 2. A property held by 2 or more persons as tenants in common means that each owner has a specified or distinct share or proportion in the property. For example, such share could be on an equal basis (50%-50%) or 90% – 10% basis etc. Each owner may be able to dispose his share in the property either by sale or under his Will. Upon the death of one owner, the surviving co-owner(s) do(es) not take over the deceased’s interest in the property as is in the case of joint tenancy. His share shall be passed under his will or in accordance with the law of intestacy, as the case may be.
