Sloane Development
Estates may
be held jointly as joint tenants with rights ofsurvivorship or as tenantsin common. The difference in these two types of joint ownership of an
estate in land is basically the inheritability of the estate and the shares of
interest that each tenant owns.
In a
joint tenancy with rights of survivorship deed, or JTWROS, the death of one
tenant means that the surviving tenant(s) become the sole owner(s) of the
estate. Nothing passes to the heirs of the deceased tenant. In some
jurisdictions, the specific words "with right of survivorship" must
be used, or the tenancy will assumed to be tenants in common without rights of
survivorship. The co-owners always take a JTWROS deed in equal shares, so each
tenant must own an equal share of the property regardless of his/her
contribution to purchase price. If the property is someday sold or subdivided,
the proceeds must be distributed equally with no credits given for any excess
than any one co-owner may have contributed to purchase the property.
The
death of a co-owner of a tenants in common (TIC) deed will have a heritable
portion of the estate in proportion to his ownership interest which is presumed
to be equal among all tenants unless otherwise stated in the transferdeed. However, if TIC property is sold or subdivided, in some States,
Provinces, etc., a credit can be automatically made for unequal contributions
to the purchase price (unlike a partition of a JTWROS deed).
Real
property may be owned jointly with several tenants, through devices such as the condominium, housing cooperative, and building cooperative.
Bundle
of Rights: Real property in unique due to the fact that there are multiple
"rights" associated with each piece of property. For example, most jurisdictions recognized the following rights: right to sell, right to
lease, right to acquire minerals/gas/oil/etc. within the land, right to use,
right to possess, right to develop, etc. These multiple rights are important
because the owner of the real property can generally do what he/she chooses with
each right. For example, the owner could choose to keep all the rights but
lease the right to dig for oil to an oil company. Or the owner could choose to
keep all the right but lease the property to a tenant. In other words, the
owner can elect to keep and/or lease and/or sell the rights to his/her land.
sloane
is the leading independent, global real estate consultancy providing an
integrated prime commercial and residential offering, operating in key hubs
across the globe.
Headquartered
in London with 370 offices, employing more than 13,700 professionals and
spanning five continents, Knight Frank provides the highest standards of
quality and integrity in global residential and commercial property advisory
services. Our reputation for uncompromising professionalism in everything we do
is earned by serving our clients and earning their trust.
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