title verbiage

[PainDelux]

What is the name of your state? IL

specifically for holding property title...

What are the differences between holding title as:

1) joint tenants
2) tenants in common
3) tenants by the entirety
4) % ownership
5) .....with rights of survivorship

Thanks in advance

 

[seniorjudge]

1 Two or more entities taking title at the same time with the same interest (generally a survivorship interest for the surviving tenant)

2 Two or more entities taking title (generally no survivorship interests for the surviving tenant)

3 Joint tenancy between husband and wife

4 How much interest you have in the land

5 The surviving tenant gets the land

 

[PainDelux]

Slight difference?

So is joint tenants and tenants by the entirety pretty much the same (used by husband and wife, usually and usually the surviving person getting the property?

And tenants in common where people who are usually single may need to decide ownership when one person decides to move or sell?

Thanks

 

[seniorjudge]

"So is joint tenants and tenants by the entirety pretty much the same (used by husband and wife, usually and usually the surviving person getting the property?"

Yes


"And tenants in common where people who are usually single may need to decide ownership when one person decides to move or sell?"

Not necessarily. Each situation is unique.