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Tenants in Common |
Joint Tenants |
Community Property with Right of
Survivorship (effective 7/1/01) |
Partnership |
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Parties |
Any number of persons (can be husband and wife). |
Any number of persons (can be husband and wife). |
Only husband and wife. |
Any number of individuals of other legal entities. |
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Division |
Ownership can be divided into any number of interests, equal or
unequal. |
Ownership interests must be equal. |
Ownership interests are equal. |
Ownership interests of partners is in relation to interest in
the partnership. |
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Title |
Each co-owner has a separate legal
title to his/her undivided interest. |
There is only one title to the whole
property. |
Title is in the "community."
Each interest is separate but management is undefined. |
Each co-owner's interest is owned in partnership for
partnership
purposes. |
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Possession |
Each co-owner has equal right of possession. |
Equal right of possession.
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Equal right of possession |
Equal right of possession for partnership purposes.
No right of possession for any other purposes except by mutual consent. |
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Conveyance |
Each co-owner's interest may be conveyed
separately by its owner. |
Conveyance by one co-owner without the
others breaks the joint tenancy, provided it is recorded prior to death. |
Both co-owners must join in conveyance of
real property. Separate interest cannot be conveyed. |
Partner's individual interest in specific
property can not be conveyed separately. Any authorized partner or
partners can convey the whole partnership title. |
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Purchaser Status |
Purchaser will become a tenant in common
with the other co-owners in the property. |
Purchaser will become tenant in common
with the other co-owners in the property. |
Purchaser can only acquire the whole title
of community (cannot acquire part of it). |
Purchaser can only acquire the whole title
if he or she becomes a partner. |
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Death |
On co-owner's death his/her interest
passes by will to his or her heirs or devisees. No right of
survivorship. |
On co-owner's death, his/her interest ends
and cannot be disposed of by will. Survivor owns the property by right
of survivorship. |
On co-owner's death, 1/2 belongs to
survivor, 1/2 goes by will heirs or devisees or by succession to
survivor, except in the case where the title is held as "Community
Property With Right Of Survivorship." In that event, title passes
to the survivor by right of survivorship. |
On partner's death, the partner's interest
in specific partnership property may vest in the surviving partners. The
value realized out of its liquidation is accounted for in the partner's
estate. |
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Successor Status |
Devisees of heirs become tenants in common. |
Last survivor owns property in severalty. |
If passing by will, tenancy in common
between devisees and survivor results. Otherwise, survivor owns property
in severalty. |
Devisees of heirs have no rights in
specific partnership property. |
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Creditor's Rights |
Co-owner's interest may be sold on
execution sale to satisfy his/her creditors. Creditor becomes tenant in
common. |
Co-owner's interest may be sold on
execution sale to satisfy creditor. Joint tenancy is broken, creditor
becomes tenant in common. |
Co-owner's interest cannot be seized and
sold separately. The whole property may be sold on execution sale to
satisfy a creditor. |
Partner's interest cannot be seized or
sold separately by the partner's personal creditor. The partner's share
of profits may be obtained by personal creditor. Whole property may be sold
on execution sale to satisfy partnership creditor. |
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Presumption |
Court will presume tenancy in common if
not expressly stated as husband and wife |
Must be expressly stated in writing. Court
will not presume joint tenancy. |
Strong presumption the property acquired
by husband and wife is community. |
Arises by virtue of partnership status in
specific property held in partnership. |
