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Guide to Common Forms of Ownership


Tenancy In Common Joint Tenancy Community Property Community Property Right Of Survivorship
Parties Any number of persons
(can be husband and wife) 		Any number of persons
(can be husband and wife) 		Only husband and wife Only husband and wife
Division Ownership can be divided
into any number of interests,
equal or unequal 		Ownership interests cannot
be divided 		Ownership interests are equal Ownership and managerial interests are equal
Title Each co-owner has a separate
legal title to his undivided
interests 		There is only one title to the
whole property 		Title is in the "community"
(Similar to title being in a
partnership) 		Title is in the "community", management is unified
Possession Equal right of possession Equal right of possession Equal right of possession Both co-owners have equal
management and control
Conveyance Each co-owner's interests
may be conveyed separately
by its owner 		Conveyance by one co-owner
without the others breaks the
joint tenancy 		Both co-owners must join in
conveyance of real property.
Separate interests cannot be
conveyed 		Right of survivorship may be
terminated pursuant to the
same procedures by which a
joint tenancy may be severed
Purchaser's
Status 		Purchaser becomes a tenant
in common with the other
co-owners 		Purchaser becomes a tenant
in common with the other
co-owners 		Purchaser can only acquire
whole title of community;
cannot acquire a part of it 		Purchaser can only acquire
whole title of community;
cannot acquire a part of it 		 
Death On co-owner's death, his
interest passes by will to his
devisees or heirs. No
survivorship right 		On co-owner's death, his
interest ends and cannot
be willed. Survivor owns
the property by survivorship 		On co-owner's death, 1/2
goes to survivor in severalty.
Up to 1/2 goes by will or
succession to others (consult
attorney with specific
questions) 		Upon the death of a spouse,
his/her interest passes to
the surviving spouse, without
administration, subject to
the same procedures as property
held in joint tenancy
Successor's
Status 		Devisees or heirs become
tenants in common
 Last survivor owns property
in severalty
 If passing by will, tenancy in
common between devisee
and survivor results
 Surviving spouse owns property
Creditors Co-owner's interest
may be sold on execution
sale to satisfy his creditor.
Creditor becomes a tenant
in common 		Co-owner's interest may
be sold on execution sale
to satisfy his creditor.
Joint tenancy is broken,
creditor becomes a tenant
in common 		Co-owner's interests cannot
be seized and sold separately.
The whole property may be
sold to satisfy debts of either
husband or wife, depending
on the debt (consult attorney
with specific questions) 		Property of community is
liable for debts which
are made before or after
marriage; whole property
may be sold on execution
sale to satisfy creditor
Presumption Favored in doubtful cases except husband and wife (see Community Property) Must be expressly stated and properly formed. Not favored Strong presumption that property acquired by husband and wife is community Must be expressly stated
This is provided for informational purposes only.
Specific questions for actual real property transactions should be directed to your attorney or C.P.A.