What is joint occupancy? It’s a type of joint ownership of property. It resembles occupancy in common, however, the distinction is that joint occupancy includes the survivorship right.
This indicates that upon the death of any of joint renters, their interest in the property or land is handed down to the other joint tenant. The surviving tenant owns the rights to the entire estate. Thus, the share can not be passed on to beneficiaries in the case of joint tenancy.
There are 4 conditions that must be met for joint occupancy to exist:
How Can I End a Joint Tenancy?
To end a joint occupancy, among the 4 conditions need to be destroyed. This can be done by turning over the joint tenancy interests to a third person. You can accomplish this by gifting or selling your interest. Upon termination, the third individual and remaining co-tenants form an occupancy in common. A joint tenant can move their interest individually, and do they can do so without the permission or knowledge of their con-tenants.
If you are looking to end a joint occupancy, while still maintaining interest in the property, there are a couple of options:
You and the co-tenants could consent to transform the original joint occupancy contract into tenancy in typical.
The Benefit of Terminating a Joint Tenancy
The benefit of ending a joint tenancy and going with an occupancy in common is that, of course, when you die your beneficiaries will acquire your share of the property. This step makes sure that your beneficiaries get their fair share, rather than your co-tenants acquiring your share of the property.
Will I Required a Lawyer?
A property lawyer can help you with the process to ensure your interest stays safeguarded. They can assist you choose which approach would be most appropriate for you in ending a joint tenancy. A probate attorney can help in creating a trust or will to guarantee your property interests reach your beneficiaries.