What is the difference between joint tenancy and tenancy in common?


I'm exploring property ownership structures as I'm considering buying a house with my business partner. Someone elaborate on the difference between joint tenancy and tenancy in common.
Comments:
Maurice said:
Below are distinctive features between joint tenancy and tenancy in common:
a. Joint Tenancy
i. In case of a death of one co-owner in a joint tenancy, their ownership interest automatically passes to the surviving co-owners
ii. Each co-owner has an equal share in the property
iii. The property is acquired at the same time, through the same title instrument, with equal ownership interests
iv. Joint Tenancy is terminated if one of the co-owners dies or if all co-owners die simultaneously. The tenancy is therefore treated as tenancy in common

b. Tenancy in Common
i. When a co-owner in a tenancy in common dies, their ownership interest is part of their estate and will be distributed according to their will or the laws of intestacy.
ii. Each co-owner in a tenancy in common can sell or transfer their ownership interest independently without affecting the other co-owners
iii. Co-owners can have different acquisition times, titles, interests and possession rights.
iv. Co-owners in a tenancy in common can have unequal ownership interests
Winfred said:
Below are some of the distinctive features between joint tenancy and tenancy in common.

I.RIGHT OF SURVIVORSHIP.
In joint tenancy, the interest of a deceased owner gets transferred to the remaining surviving owners while in Tenancy in common there is no right of survivorship unless the deceased owner's will or other instrument specifies that their interest in the property is to be divided among the surviving owners.

II.INTERESTS.
In joint tenancy ,individuals must obtain equal shares of the property with the same deed at the same time. Tenants in common may have unequal shares and different ownership interests. For instance, A and B may each own 25% of the property, while C owns 50%.

III.TERMINATION.
A joint tenancy can be broken if one of the co-owners transfer or sells his/her interests to another person while In tenancy in common, termination occurs when one or more co-tenants buys out the others, the property is sold and the proceeds distributed amongst the owners and lastly, when a partition action is filed.

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