Property Ownership

Question 1

Joint Tenancy

Answer 1

An undivided 50% interest in the whole property. Joint tenants have right of survivorship, which means is a co-owner dies, their share passes to the remaining owner.

Question 2

Tenants in common

Answer 2

A tenancy in common has no right of survivorship. Each owner owns individual part, even if unequal, with access to the whole property.

Question 3

Tenancy by the Entirety

Answer 3

In Florida, it is presumed that a married couple owns land as a tenancy by the entirety. A tenancy by the entirety is owned by a married couple and has a right of survivorship.The property is not accessible by creditors of only one spouse. The property cannot be conveyed or mortgaged without consent of both parties. If the property is mortgaged, it does not sever the tenancy since Florida is a lien theory state.