There are three types of joint ownership title vesting in Florida; Tenancy in Common, Joint Tenancy, and Tenancy by Entirety.
Last week we covered Tenancy in Common, this week, let’s look at Joint Tenancy and what defines it.
– Parties: Two or more persons.
– Division: Ownership interests must be identical and interests must be obtained at the same time.
– Title: Each joint tenant has an equal undivided interest, which may be conveyed to a third party without the joinder of the remaining tenants.
– Possession: Equal right of possession.
– Conveyance: Conveyance by one joint tenant (without the others) breaks the joint tenancy to that co-tenant.
– Purchasers: Purchaser of less than the entire estate becomes a tenant in common with the former joint tenants.
– Death: Upon joint tenant’s death, decedent’s interest automatically passes to surviving joint tenant(s). Right of survivorship.
– Creditor’s Rights: Joint tenant’s interest may be sold pursuant to an execution sale to satisfy a creditor. Joint tenancy is broken and creditor becomes a tenant in common.
Right of survivorship must be expressly stated to create a joint tenancy. Merely reflecting, for example, John Doe and Jane Doe, as joint tenants, is insufficient to create a survivorship interest.