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Residential or commercial property can be owned individually (sole ownership) or jointly (joint or common ownership). In many cases, joint owners can be either co-tenants in typical or joint renters with the right of survivorship.

You can own residential or commercial property separately (sole ownership) or jointly (joint or common ownership). In the majority of cases, there are 2 ways to hold title with others. Joint owners can be among either:

- Co-tenants in typical

• Joint tenants with the right of survivorship
  
  The primary distinctions between these joint ownership types are:
  
  - How they arise
• How they are destroyed
• How the subject residential or commercial property can be divided and sold
  
  Continue reading to check out these distinctions in greater detail.
  
  What Is an Undivided Interest?
  
  Before discussing specific kinds of joint ownership, it's valuable to unpack the legal significance of a concentrated interest. When 2 or more individuals own genuine estate, each private owns a share (interest) of the whole residential or commercial property.
  
  Each owner's interest is stated to be concentrated. Each owner has a right to utilize the entire physical residential or commercial property even though their abstract right to the residential or commercial property is portioned out amongst them.
  
  To illustrate briefly, picture that 2 company partners own real residential or commercial property together. A storage facility, possibly. The storage facility is physically concentrated, but the owners share the whole physical residential or commercial property as a whole. However, each partner might have a 50% interest, or one might have a 30% interest, and another has a 70% interest.
  
  Each kind of joint residential or commercial property ownership has specific restrictions on how to divide the residential or commercial property interest.
  
  An occupancy in typical may include two or more owners. Each tenant in common may own an equivalent share of the residential or commercial property, however there's no requirement for equal ownership. Four owners might each own a 25% interest, or their interests may break down as 10%, 20%, 30%, and 40%. Each co-tenant has an equal right to have, utilize, and enjoy the residential or commercial property. The co-tenants are free to make alternative plans among themselves.
  
  Each co-tenant might also easily sell their interest. Similarly, when a co-owner of the residential or commercial property dies, their share remains part of the decedent's estate. Thus, the decedent's individual agent can transfer the decedent's share as discussed in their will. Whoever gets the interest enter the previous co-tenant's shoes.
  
  Further, the transfer of a co-tenant's interest may happen at any time. The owner modification does not disrupt the other co-tenant's ownership status. Jointly owned residential or commercial property is presumed to be held in a tenancy in typical unless the residential or commercial property deed defines otherwise.
  
  A joint occupancy with right of survivorship (JTWROS), like an occupancy in common, is a type of co-ownership. It might include two or more owners. However, a JTWROS must adhere to a number of restrictions.
  
  The Four Unities
  
  A JTWROS must please the so-called Four Unities. They are as follows:
  
  Unity of Time: Each joint renter should take title of their share at the precise time. Unity of Title: Each joint renter must take ownership of their share through the exact same instrument (e.g., a residential or commercial property deed). The legal document needs to specifically state that it is creating a JTWROS. Otherwise, the document creates an occupancy in common by default. The specific development language varies by state. Unity of Interest: Each joint tenant must have an interest. Two owners must each have a 50% interest. Four need to each have a 25% interest, and so on. Unity of Possession: Each joint renter should have a legal right to have, use, and take pleasure in the residential or commercial property similarly. Unlike co-tenants in an occupancy in typical, joint occupants can not change this arrangement.
  
  Violation of any of the Four Unities ruins the joint occupancy. The joint occupancy would become an occupancy in typical. In specific, note that the Unity of Time and Unity of Title operate so the joint tenants can not move their share without ruining the joint tenancy. Their ownership rights can not be sold, inherited, or otherwise transferred.
  
  Right of Survivorship
  
  If one of two owners of residential or commercial property held in a JTWROS passes away, ownership instantly transfers to the enduring owner. This is called a right of survivorship. The deceased owner's estate does not get any share of the residential or commercial property. Unlike an occupancy in typical, a JTWROS co-owner can not move their interest in the residential or commercial property without ruining the JTWROS.
  
  Does Either Avoid Probate?
  
  Probate has 2 meanings. It describes the legal procedure of inspecting whether a departed individual's last will and testament stands and genuine. This takes place in probate court. Probate likewise refers to the general procedure of dispersing a decedent's estate.
  
  Depending upon the estate's size, the probate process can be time-consuming and expensive. So, does a tenancy in common or JTWROS avoid probate?
  
  Tenancy in Common
  
  Typically, an occupancy in typical will not prevent probate. A co-tenant's ownership interest stays part of their estate when they die. It needs to be dispersed by will or according to state laws of intestate succession.
  
  If you want to keep the piece of residential or commercial property out of the probate procedure, you might transfer it out of a tenancy in typical and into a trust. Residential or commercial property in a trust does not belong to the individual who provides the residential or commercial property. Instead, the residential or commercial property comes from the trust itself and, for that reason, is not part of the individual's estate at the time of death.
  
  Joint Tenancy with Right of Survivorship
  
  By contrast, the ROS in a JTWROS typically guarantees that a joint tenant's interest does prevent probate. When only one joint occupant remains, that individual becomes the sole owner.
  
  At the sole owner's death, their 100% share need to be distributed as part of their estate. Thus, the enduring owner does not prevent probate. Again, this can be prevented by moving the interest into a trust.
  
  By extension, one can imagine a possible though unlikely scenario in which all joint renters pass away at or near the same time (e.g., in an aircraft crash), making it difficult to determine who was the last making it through joint tenant. In this case, each joint renter's share may pour into their estates and stop working to prevent probate.
  
  Questions? A Local Attorney Can Help
  
  Tenancies in typical have the benefit of versatility. Joint tenancies with right of survivorship have the benefit of permanence. Understanding the advantages and drawbacks of each ownership arrangement before entering one can help you prevent severe headaches. A regional real estate or estate preparation attorney can offer valuable legal suggestions regarding joint tenancy and which type would be best for you.