Property in Wills and Estate (16:IX)

A. Joint Tenancy/ Tenancy in Common

Where property is owned by more than one individual, it may be held in “joint tenancy” or “tenancy in common”. The main difference between a joint tenancy and a tenancy in common is that, in the case of a true joint tenancy, the each joint tenant receives the right of survivorship. The result is that, upon the death of one joint tenant, the other becomes entitled to the whole of the property. In contrast, where owners hold an interest in the property as tenants in common, each has a separate undivided share. Upon death, each other’s individual share forms part of his or her estate.

Something which can be owned. See "chattels" and "real property."

A form of property co-ownership in which each joint tenant has a right of ownership of the whole property that is indistinct from the ownership rights of the other joint tenants. In other words, each joint tenant has a right to the whole property. See "tenancy in common."

A kind of co-ownership of property in which two or more owners have distinct, separate shares in the common property. A tenant in common may choose to sell or mortgage their share of the property independently from other owners. See "joint tenancy."

In law, all of the personal property and real property that a person owns or in which they have an interest, usually in connection with the prospect or event of the person's death.