Joint Tenancy Vs. Tenants in Common

The concepts, joint tenancy and tenancy in common are to issues that are related to the domain of property law and lie under the section of concurrent estate. Before we proceed to the issue of joint tenancy vs tenants in common, let us understand the meanings and definitions of concurrent estate, joint tenancy and tenants in common.

• Concurrent Estate: Concurrent estate is a domain of different property laws and regulations, that defines the provisions that have been made by the legal system, when more than one tenant or owner occupies the real estate or property. Indeed, the word concurrent means 'occurrence, operation or ownership at the same time'.
• Joint Tenancy: Joint tenancy is a concept of concurrent estate where more than one person are the co-owners of the real estate. It means that both the owners have equal and valid rights of ownership.
• Tenants in Common: The concept of tenants in common or tenants in common property, is a little different from the concept of joint tenancy. The people who are tenants in common are always considered to be a sort of shareholders of the real estate that they own. The rights to the estate are most of the times affected by the share holdings of the people, and also differ significantly as a result of regional laws, all across the world. The interest in real estate is also different.

Now that we know the meanings of all the terms, let us proceed to the debate, 'joint tenancy vs tenants in common'.

Joint Tenancy vs Tenants in Common #1
The common parameter that differentiates both the concepts is the meaning that has been already elaborated upon in the previous paragraphs. However, while defining both the concepts, I forgot to convey a very important difference between joint tenancy and tenants in common. This is, that in case of a death of one of the tenants in common, the rights to the real estate pass on to the heir of the tenant. In contrast, in joint tenancy in case of a death of one of the tenants, the rights to the real estate are passed on to the other tenants.

Joint Tenancy vs Tenants in Common #2
The next most important point of comparison that is to be taken into consideration, is that of the weightage of rights that the tenants hold in each case. In case of a joint tenancy, the rights of the all the tenants or owners are considered to be equal and each owner has an equal say in the legal issues related to the property. In fact, the court of law also considers that the joint tenants are equal tenants. The tenants in common however, are most of the times considered to be share holders of the property. Hence the tenant who has put in more monetary resources in the purchase of the real estate, stands a better position. If there are more than two tenants, then it often becomes a 'majority wins situation'. In some nations and states however, in crucial cases and situations, the tenants often hold an equal footing.

Joint Tenancy vs Tenants in Common #3
Many a times, people have asked me questions like 'which is the better provision? Joint tenancy or tenancy in common property?' Well, I have always answered in just two words 'that depends', on the other tenants or owners. If you plan to purchase the real estate with one your relative or friends, then it is better that you opt for tenancy in common and put in a real estate investment. If you are planning to purchase the property with your life partner, then it is safe to go in for a joint tenancy.

We can almost never conclude the debate joint tenancy vs tenants in common property, as both the provisions of ownerships have their own advantages and disadvantages.