Full question:
What are the pros and cons of Joint Tenants in Common and Joint Tenants With Right of Survivorship in South Carolina?
- Category: Real Property
- Date:
- State: South Carolina
Answer:
Tenants-in-common:
Two or more people who take title to property usually take title this way.
Tenants-in-common do not have to own equal interest in the property. For
example, one owner could own one-third of the property and the other
could own the remaining two-thirds. However, each tenant-in-common has
an "undivided interest" in the property and a tenant's interest can not be
broken down into a "you own this bedroom and I'll own this bedroom"
situation without a separate written agreement.
Any of the tenants-in-common can sell their interest in the property to a
third party without the consent of the other owners. When one of the
tenants-in-common die, his interest in the property is passed to whoever he
names in his will or to his heirs (if he has no will).
Joint Tenants:
This is the most common form of ownership between married people,
although the tenants do not need to be married to take title as joint
tenants. The most important aspect of joint tenancy is that there is an
automatic right of survivorship. For example, if a husband dies and he and
his wife held title as joint tenants, then his interest in the property
automatically passes to his wife (even if his will provides for it to pass to
someone else).
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
