Joint tenancy for San Diego, California real estate

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Joint tenancy for San Diego, California real estate

JOINT TENANCY occurs when two or more people own San Diego, California real estate together with the rights of survivorship. If one of the joint tenancy owners should die, his or her interest is then split evenly with the surviving owners. Joint tenancy can never be willed.

Joint tenants have the right of "survivorship." A joint tenancy cannot be willed.

When a joint tenancy is established, there are four unites (T-TIP) involved:

Title - All owners are granted title by the same instrument.
Time - All owners obtain title at the same time.
Interest - All owners share an equal interest.
Possession - All owners have an equal right to possess the property.

To create joint tenancy, there must be intention by the owners. The deed must be in writing and contain the phrase:

"as joint tenants" or "in joint tenancy"

If it does not "state" that it is a joint tenancy, joint tenancy does not exist. Since this form of San Diego real estate ownership is most common between married people, the usual phrase would read:

"Jim Smith and Mary Smith, husband and wife, as joint tenants"

If one of the parties should die, the property is automatically transferred to the remaining parties without having to go through the superior court procedure known as "PROBATE" (to prove a will). The transferred portion conveys the ownership and all debts on the property at the moment of death. Although probate costs may be avoided in joint tenancy, the surviving owners may end up paying higher income taxes later.

A joint tenant can sell or transfer his or her ownership interest. Any portion of joint tenancy transferred or sold to a non-owner will bring the non-owner into tenancy in common with the other owners, who remain as joint tenants. If A, B and C own San Diego real estate together and C sells his interest to D, then D gets only the tenancy in common interest with A and B.

Because a corporation could, conceivably, go on forever, they are not permitted to enter into joint tenancies. Such a situation would give corporations an unfair survivorship advantage.