When
two or more persons or organizations acquire title to real estate,
those
parties are referred to as co-owners.
Tenancy
in Common. - Ownership under this form results in an undivided
interest. It is
impossible to distinguish physically which specific portion of the
property is
owned. Each owner can sell, convey, or mortgage his or her undivided
interest
without the consent of the other co-owner. Upon the death of a tenant
in
common, his or her undivided interest passes according to his or her
Will.
Joint
Tenancy. - Ownership in this form results in a single unit of
ownership. Upon
the death of one joint tenant, the remaining joint tenant receives the
interest
of the deceased tenant. To create this form of ownership, the deed
generally
must expressly state that title is to be taken in this fashion.
Tenancy
by the Entirety. - This is a special joint tenancy between husband and
wife.
Title held in this manner is protected from a creditor of only one
spouse. This
can be used only for the personal residence.