Tenancy in common and joint tenancy
vinodullattil
(Querist) 16 October 2011
This query is : Resolved
What is the difference between tenancy in common and joint tenants
ajay sethi
(Expert) 16 October 2011
tenancy in common is when each owner has separate and distinct share in the property . interests may differ in size .
in joint tenancy each owner owns equal share in the property and have equal right of posession . they share a common title to property .
Raj Kumar Makkad
(Expert) 16 October 2011
If there are two or more owners on the asset and one owner dies, then the surviving owner or owners will continue to own the asset and the estate and heirs at law of the deceased owner will receive absolutely nothing. All that the surviving owners will need to do to remove the deceased owner's name from the asset is to show a death certificate or record a new deed which indicates that one of the joint tenants has died.
If property is owned by two or more people as tenants in common, then each owner will hold a percentage of ownership interest in the property. This type of ownership is abbreviated as "TIC." The percentages don't have to be equal and are determined by how much each owner contributes to the purchase of the property.
prabhakar singh
(Expert) 16 October 2011
Tenants in common can be between two or more persons who are related or who are unrelated.Ownership can be held in equal shares or unequal shares.Co-tenants have the right to possess the property by one tenant or by all the tenants.
Increasingly, many properties are being sold under a tenants in common arrangement instead of a limited or general partnership. A builder, for example, may sell portions of a new project to a number of investors, who will all share an undivided interest in the property. If you are considering a venture of this nature, it is wise to seek the advice of legal counsel to thoroughly understand your rights and liabilities.
A Joint tenancy requires four unities. Unlike tenants in common, joint tenancy involves right of survivorship, meaning the interest held by each tenant will pass to the other upon death. The four unities necessary to create joint tenancy are:
Time. Each owner must receive title at the same time.
Title. Each owner must receive title on the same deed or document evidencing title.
Interest. Each owner receives the same proportionate and equal share of ownership.
Possession. Each owner has the identical right of possession.
If one of the joint tenants sells or conveys the interest created in a joint tenancy to another person, the joint tenancy is broken, and a tenancy in common is created. Joint tenants cannot stop another tenant from breaking the joint tenancy.
kuldeep kumar
(Expert) 16 October 2011
these four unities plus survivorships are missing in tenants in comman.hindu mitakshara system is euavalent to joint tenancy.
J K Agrawal
(Expert) 17 October 2011
When a property is owned by many persons and they know the part of their share but do not know which particular part is owned by them. In simple the co owners having no partition by meets and bounds are called common tenant.
When they divide their property and ascertain ownership of every ones independent portion of share. After that they again make a pool and enjoy it. Then it is called that they are Joint Tenant.
In both case one is free to transfer his share.
It is not necessary in both case that share of each one should be the same.
Take an example
If in a building of 20 flats is owned by 5 persons. They do not know that which flat is owned by whom. They are Tenant in common.
If one day they ascertain there share on a piece of paper but again uses building as before they are Joint Tenant
Govind
(Expert) 17 October 2011
I agree with Mr. J.K. Agrawal.
there is no need of equal share in both type of tenantship.
M V Gupta
(Expert) 22 October 2011
Joint tenants and Tenants in common are two forms of co ownership of a given property. As mentioned by Mr. Prabhakar Singh it is distinguished by the four unities namely unity of title, unity of possession, unity of interest and unity of time of commencement of title. This generally takes place when all the buyers acquire property under a common document of title. Tenants in common occurs in all other cases where different buyers purchase the property with specified area under different title deeds and at different times. In the case of Jt. Tenancey the rule of survivorship applies(i.e, in the event of death of one of the Jt Owners, his share will vest in the surviving tenants. For more details refer to Ramesh Chand VS Gopeswar- AIR 1977. All.38. However the Privy Council held that Jt. Tenancy is unkinown to Hindu Law - Bahu Rani VS Rajendra -AIR 1933 PC 72. It is also not known to Mahomedan Law-Kasim Ali Vs Ratna AIR 1938 Madras 677. The learned author G.M. Divekar in his book "Deeds and Documents" observes at page 584 "As Jt. Tenancy is unknown to Indian Law there is not much difference between Jt. tenancy Owners and Tenants in common."
