North Carolina Agreement to Partition Community Property (Creating Joint Tenancy with Right of Survivorship)
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How to fill out Agreement To Partition Community Property (Creating Joint Tenancy With Right Of Survivorship)?
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FAQ
Joint tenancy has right of survivorship Joint tenants own equal shares of the property and each one has the right to possess the property. When a joint tenant dies, the other joint tenants automatically inherit the property.
Only unity of possession is required Again, unlike with joint tenancies, tenancies in common do not require that all of the four unities be fulfilled. Instead, there is only one requirement: that each of the tenants in common has a right to possession of the land.
A Joint Tenancy must include these four unities: Unity of interest: The interest of each owner is equal. Unity of time: The interest of the owners is acquired at the same time. Unity of possession: The owners have the right of survivorship.
Lastly, tenancy-in-common is an ownership for non-spouses where, unlike joint tenancy, when one co-owner dies, their share passes via their Will or the North Carolina Intestate Succession Act.
Unity of interest: The interest of each owner is equal. Unity of time: The interest of the owners is acquired at the same time. Unity of possession: The owners have the right of survivorship. Unity of title: The document must specify a joint tenancy vesting.
For a tenancy in common, the unities required are unity of possession, unity of title, unity of interest and unity of time. For a tenancy by the entirety, the unities required are unity of possession, unity of interest, unity of title, unity of time, and, most importantly, unity of marriage.
The four unities necessary to create a joint tenancy may be remembered by the acronym PITT: Possession, Interest, Time, and Title.
§ 41-72. Determination of the interests of joint tenants in a joint tenancy with right of survivorship. (a) The interests of joint tenants in a joint tenancy with right of survivorship shall be deemed to be equal unless otherwise provided in the instrument of conveyance.