What is joint occupancy? It’s a kind of joint possession of property. It resembles tenancy in typical, nevertheless, the distinction is that joint occupancy consists of the survivorship right.
This suggests that upon the death of any of joint tenants, their interest in the property or land is passed on to the other joint renter. The making it through renter owns the rights to the entire estate. Therefore, the share can not be handed down to successors when it comes to joint tenancy.
There are 4 conditions that must be satisfied for joint tenancy to exist:
How Can I Terminate a Joint Tenancy?
To terminate a joint occupancy, among the 4 conditions should be ruined. This can be done by turning over the joint tenancy interests to a third individual. You can achieve this by gifting or offering your interest. Upon termination, the 3rd person and staying co-tenants form an occupancy in common. A joint occupant can transfer their interest individually, and do they can do so without the approval or knowledge of their con-tenants.
If you are wanting to end a joint tenancy, while still keeping interest in the property, there are a few options:
You and the co-tenants might accept convert the original joint tenancy agreement into tenancy in typical.
The Advantage of Terminating a Joint Tenancy
The benefit of ending a joint occupancy and deciding for a tenancy in typical is that, obviously, when you die your successors will acquire your share of the property. This step ensures that your successors receive their fair share, instead of your co-tenants acquiring your share of the property.
Will I Need a Lawyer?
A property lawyer can help you with the procedure to ensure your interest remains secured. They can assist you choose which technique would be most suitable for you in ending a joint tenancy. A probate lawyer can help in producing a trust or will to guarantee your property interests reach your recipients.