What is joint occupancy? It’s a form of joint possession of property. It’s similar to occupancy in common, nevertheless, the difference is that joint tenancy consists of the survivorship.
This implies that upon the death of any of joint occupants, their interest in the property or land is handed down to the other joint occupant. The surviving tenant owns the rights to the entire estate. Thus, the share can not be handed down to beneficiaries when it comes to joint tenancy.
There are four conditions that must be fulfilled for joint occupancy to exist:
How Can I End a Joint Occupancy?
To end a joint tenancy, one of the 4 conditions should be damaged. This can be done by turning over the joint tenancy interests to a third individual. You can achieve this by gifting or selling your interest. Upon termination, the 3rd person and staying co-tenants form a tenancy in common. A joint renter can transfer their interest individually, and do they can do so without the permission or understanding of their con-tenants.
If you are wanting to end a joint occupancy, while still retaining interest in the property, there are a few options:
You and the co-tenants could concur to convert the initial joint tenancy contract into occupancy in typical.
The Advantage of Terminating a Joint Tenancy
The advantage of ending a joint occupancy and going with an occupancy in common is that, obviously, when you die your heirs will acquire your share of the property. This action makes sure that your successors get their fair share, rather than your co-tenants inheriting your share of the property.
Will I Need a Lawyer?
A property attorney can assist you with the procedure to guarantee your interest stays protected. They can assist you choose which approach would be most suitable for you in terminating a joint occupancy. A probate lawyer can help in creating a trust or will to ensure your property interests reach your beneficiaries.