what does – not tenants in common, but Joint tenats – what does that mean?

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what does – not tenants in common, but Joint tenats – what does that mean?

just trying to find out the answer to the above question

Asked on February 16, 2017 under Real Estate Law, Illinois

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

This has to do with just how property is held and what rights stem from such designations. The "tenants in common" label provides for inheritance rights for the heirs/beneficiaries of a deceased tenant in common. In other words, when such a tenant dies, their interest does not automatically pass to the other owner but instead is transferred to their estate. This is in contrast to when with people take title as joint tenants on a deed. If, for example, 2 people are on the deed as "joint tnenants" and 1 of them dies, the other person automatically owns 100% of the property. This is because a joint tenancy automatically gives each person the "right of survivorship" whereby the survivor takes all. There are other differences but this is the major differentiation. For more information you can check online, or consult directly with a locla reals estate attorney who can best advise you further having heard all of the details of your situation.


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