In a joint tenancy, the right of survivorship allows the remaining tenants to take over a tenant's property share if they die. In a tenancy in common, the deceased person's share will pass to their heirs through a will or through the probate process rather than to the surviving tenants.
Also to know is, what does it mean to be a tenant in common?
Tenancy in Common is a specific type of concurrent, or simultaneous, ownership of real property by two or more parties. All tenants in common hold an individual, undivided ownership interest in the property. This means that each party has the right to alienate, or transfer the ownership of, her ownership interest.
What is the purpose of tenancies in common?
Tenancy in common is a situation in which two or more people have ownership interests in a property. Each owner has the right to leave his share of the property to any beneficiary upon the owner's death.
What does joint tenants with rights of survivorship and not as tenants in common mean?
A joint tenancy or joint tenancy with right of survivorship (JTROS, JTWROS or JT TEN WROS) is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding