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Key Takeaways. Some of the main benefits of joint tenancy include avoiding probate courts, sharing responsibility, and maintaining continuity. The primary pitfalls are the need for agreement, the potential for assets to be frozen, and loss of control over the distribution of assets after death.

Tenants in common generally have the same legal rights to the property they co-own as joint tenants. Unless there is a tenancy in common agreement in place stating otherwise, all owners have the same rights to enjoy the property.

Which of the following is TRUE of both joint tenancy and tenancy in common? Each tenant has the right of survivorship.

Unlike joint tenants, tenants in common don't have to possess equal shares in the property. If one owner has a greater interest than the others, a tenancy in common exists. Undivided interest. This requirement is the same as in joint tenancy: tenants in common have an equal right to possess and use the entire property.

A general warranty deed is the most common type of deed used for transferring real estate. It basically promises that: not only does the seller have good and proper title to sell the property, but all the prior owners also had good title, thus making a complete ?chain of ownership?; and.

20 years for actions on a contract under seal (S.C. Code Ann. § 15-3-520). The statute of limitations period starts to run for breach of contract claims on the date the injured party either discovered the breach or should have discovered the breach through the exercise of reasonable diligence (RWE NUKEM Corp.