Alaska, Oregon, and Tennessee allow only joint ownership of property as tenants by the entirety, a type of joint tenancy restricted to married couples. Joint Tenancy LawĪlmost all states allow joint ownership of property, but a few states have more restrictions than most. A joint tenancy can also be terminated by a partition suit, which is a lawsuit to either partition the property so that 1 or more of the joint tenants has title to a specific portion of the property, or to petition the court to have it sold, dividing the proceeds of the sale equally among the joint tenants. Some states have eliminated the need for a straw man, so the owner in severalty can convey the property to herself and to others as joint tenants.Ī joint tenancy can be terminated when any of the joint tenants convey their ownership interest to another party, who then becomes a tenant in common with the remaining joint tenants, but the original joint tenants retain their rights and interest.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |