What are joint tenancies in real property? | Freilich Law | Michael Freilich | freilichlaw.com | (410) 321-0040
Joint tenancy means when one or more people or entities own the same property. They can own it as joint tenants in partnership or something else. Normally, it refers to two people owning it together, who may or may not have the right of survivorship. In Maryland, to have the right of survivorship, it should say, “To Mom and Dad,” or, “To my brother and sister, John and Mary, with the right of survivorship,” meaning on the death of one, the other would own the whole. It could be tenants in common, in which case, it would go, “To my brother and to my sister, without the right of survivorship.” Then, on the death of one, that person’s descendants would own that half with the other person.
There could also be tenants by the entireties, which requires a husband and a wife at the same time getting the property. There are rights that go with being a joint … the different types of tenancies have different types of rights to sale, to proceeds, to rent, and to contribution for taxes and upkeep. Again, consult an attorney. It makes a difference, in each jurisdiction, how the case law plays these out.
Phone: (410) 321-0040