Joint Tenancy and Tenancy in Common- explained

Описание: this video discusses two forms of ownership that are joint tenancy and tenancy in common.
These two things are just legal terms and nothing complicated. Let’s understand these two terms.
1. Joint tenancy:
Joint tenancy is the form of ownership most commonly used by married couples. In general this means that both parties own 100% of the property and there is no divided interest.
Joint tenants together own the whole property. If one joint tenant dies then the surviving joint tenant owns the whole of the property. As a consequence of his death the deceased joint tenant no longer has an interest in the property. His interest in the property does not form part of his deceased estate and is not available for distribution to the beneficiaries of his will.
A joint tenancy requires four unities:
a) Time: each owner must receive the title at the same time.
b) Title: each owner must receive the title on the same deed.
c) Interest: each owner receives the same proportionate and equal share of ownership.
d) Possession: each owner has the identical right of possession.
If one of the joint tenants sells or transfers his share to another person the joint tenancy is broken, and a tenancy in common is created.

2. Tenancy in common:
Tenants in common each own their individual share in the property absolutely. They may hold their respective shares equally or in some other proportion. Where a person owns an interest in a property as tenants in common with another owner, then upon the death of that person his estate continues to have an interest in the property. The deceased’s interest in the property will pass according to the provisions of the deceased’s will or in the absence of a will in accordance with the rules of intestacy.