Ownership of Land

Question 1

Joint Tenancy

Answer 1

each party owns half with right of survivorship
a. 2 or more people
b. Undivided 50% interest of whole
c. When 1 dies, the other gets it immediately
d. Each tenant may covey (sale, gift, etc.) their share to whomever whenever they choose, BUT this will sever JT into TIC

Question 2

Tenancy in Common

Answer 2

each party owns half with NO right of survivorship
a. 2 or more people
b. Undivided 50% interest of whole, but NO RIGHT OF SURVIVORSHIP
c. When 1 dies, their 50% goes to their heirs

Question 3

Tenancy by Entirety

Answer 3

Married Couple have Right of Survivorship
a. Legally married
b. 1 spouse may not convey without the others consent