Tenancy in Common v. Joint Tenancy

A.  TENANCY IN COMMON

    1.  Nature of the Tenancy:  Each tenant has an undivided interest in the property, including the right to possession of the whole.  when one co-tenant dies, the remaining tenants in common have no survivorship rights.  Equal shares are not necessary for tenants in common.

    2.  Alienability:  Each co-tenant can transfer his interest in the same manner as if he were the sole owner.

    3.  Presumption:  In Kentucky, a tenancy in common is presumed, unless there is language to the contrary in the vesting instrument.

B.  JOINT TENANCY

    1.  Nature of the Tenancy:  Joint tenants own an undivided share of the property and the surviving joint tenant has the right to the whole estate.  The right of survivorship is the distinctive element of a joint tenancy. 

    2.  Four Unities:  To be joint tenants, the tenants must take their interests:

        a.  At the same time

        b.  By the same instrument (title)

        c.  With identical interests

        d.  With an equal right to possess the whole property.

    3.  Creation:  A joint tenancy can be created only by express words in an instrument.