How Do You Convert Joint Tenants To Tenants In Common?
Although joint tenancy and tenancy in common sound like the same type of property ownership, the difference between the two is extremely important. Joint tenancy is a form of property ownership where each owner received title to the same percentage of ownership at the same time, on the same document, and with the same right of possession. Upon the death of one of the owners, that person’s share is distributed evenly to the other owners. Tenancy in common, however, is a type of ownership in which each owner can freely buy and sell her ownership to others and the percentage of ownership does not matter—the owners can own different percentages and the tenancy is not affected. Contact your mortgage company. To convert a joint tenancy to a tenancy in common, all you need to do is sell or give away your interest in the property—doing so will break the joint tenancy and automatically form a tenancy in common. It doesn’t matter if the actions are contested by other owners, the mere action
