New Jersey Warranty Deed for Husband and Wife Converting Property from Tenants in Common to Joint Tenancy
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FAQ
A tenancy in common (TIC) is one of three types of concurrent estates (defined as an estate that has shared ownership, in which each owner owns a share of the property). The other two types are a joint tenancy and a tenancy by the entirety. A TIC typically has no right of survivorship.
If one person passes away, the home will automatically continue to be owned by the surviving partner, even if there is no will. This is known as the survivorship rule. However, many couples choose to hold their homes as tenants in common.
For example, joint tenants must all take title simultaneously from the same deed while tenants in common can come into ownership at different times. Another difference is that joint tenants all own equal shares of the property, proportionate to the number of joint tenants involved.
Rights And Responsibilities All tenants in common have an equal right of access to the property, regardless of their ownership amount. If the property produces an income, co-owners are entitled to a percentage of that income equal to their ownership shares.