What is the difference between joint tenancy, tenants in common and tenants by the entirety?
These are the three main ways in which persons can own property together in Florida. Joint tenancy is a form of ownership in which both parties each own a whole and it has a survivorship element such that when one of the joint tenants dies, the other joint tenants succeed to full ownership of the property by operation of law. This is most easily understood when juxtaposed with tenants-in-common. Tenants-in-common own property but they only own a specific fractional interest such as one-half each. When one tenant-in-common dies their interest will pass according to the terms of their Will or the intestate statute. In other words, one tenant-in-common never passes to full ownership of the property upon the death of the other. Ordinarily, spouses own property as tenants by the entirety, this is a form of joint tenancy only available to married people.
