HOME Who We Are President & C.E.O. Escrow Officers The Escrow Process What Is Escrow The Life of an Escrow Forms of Ownership Buyer's & Seller's Fees Contact Us Address Telephone and Email What is Escrow? Role of the Escrow Officer Escrow F.A.Q. California Escrow Association The Life of an Escrow Prepare Escrow Instructions & Documents Finalize File Forms of Ownership Buyer & Seller Fees   TENANCY IN COMMON JOINT TENANCY COMMUNITY PROPERTY Parties Any number of persons. (Can be husband & wife) Any number of persons Only Husband & wife Division Ownership can be divided into any number of interests, equal or unequal Ownership interests must be equal Ownership interests are equal Title Each co-owner has a separate legal title to his undivided interest There s only one title to the whole property Title is the "community" Each interest is separate but management is unified Possession Equal right of possession Equal right of possession Equal right of possession Conveyance Each co-owner's interest may be conveyed separately by its owner Conveyance by one co-owner without the other breaks the joint tenancy Both co-owners must join on conveyance of real property. Separate interest cannot be conveyed. Purchaser's Status Purchaser will become a tenant in common with the other co-owners in the property Purchaser will become a tenant in common with the other co-owners in the property Purchaser can only acquire whole title of community: cannot acquire part of it. Death On co-owner's death, his interest passes by will to his devisees or heirs. No right of survivorship. On co-owner's death, his interest ends and cannot be disposed of by will. Survivor owns the property by rights of survivorship On co-owner's death 1/2 belongs to survivor in severalty. 1/2 goes by will to descendant's devisees or by succession to survivor Creditor's Rights 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 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 creditor.