Real Estate Principle

Concurrent ownership is the ownership by two or more persons at the same time (Jacobus, 2010). There are three types of concurrent ownership namely, tenants in common, joint tenancy and tenancy in entirety. For this paper I will only focus on tenants in common and joint tenancy. I will be defining both forms of concurrent ownership. I will also be looking at the advantages and disadvantages o both tenancy in common and joint tenancy in relation to family looking at the relationship of husband and wife.
Tenants in common is defined as the undivided shared interest or ownership o a single property among two or more persons.   In this form of concurrent ownership each tenant has an undivided interest in the whole property.   All the tenants have the right of possession of the entire property which means that, no owner can exclude the other co-owners or claim a specific portion of the property. It should also be carefully noted that any income generated by the property belongs to the tenants in common in the proportion to the size of their interests, even if they are married. That is if upon purchasing the land if the wife interest was seventy-five percent (75%) of the cost of the land, and there is any income generated by the property the wife is entitled to seventy-five percent (75%) of the income.   In tenants in common ownership there is no right of survivorship that is; co-owners cannot acquire the deceased interest unless they are named in the will. In the view of a married couple if a husband dies his share does not automatically go to his wife portion without the, individual portion, and only his or her instead his portion of the property will go to his heirs. In this form of ownership each owner has the right to sell, mortgage, give away his or her portion and only his or her portion without the permission and this is due to the fact that each tenant in common has a separate legal title. Both husband and wife are responsible to paying their share of taxes,...