Ownership can be divided into any number of interests, equal or unequal

Ownership interests must be equal

Ownership interests must be equal

One or more conveyances (law presumes interests are equal if not specified in deed)

Single conveyance (creating identical interests); vesting in deed must specify joint tenancy or Tenancy in Common will be presumed

Single conveyance;  vesting must specify T/E;  domestic partners must provide certificate for recording

Equal

Equal

Equal

Each co-owner may transfer or mortgage their interest separately

Each co-owner may transfer his/her interest separately but a tenancy in common results

Both spouses or domestic partners must consent to transfer or mortgage

Attach to the property and must be paid in order to later transfer the property.

Attach to the property and must be paid in order to later transfer the property.

Only attach to the property if in the names of both spouses or domestic partners. Exceptions

Decedent’s interest passes to his/her devisees or heirs by will or intestacy

Decedent’s interest automatically passes to surviving joint tenant (“Right of Survivorship”)

Decedent’s interest automatically passes to surviving spouse or domestic partner due to right of survivorship

Co-owners interests may be separately transferable

Right of survivorship (avoids probate)

Right of survivorship (avoids probate); mutual consent required for transfer; tax advantages for surviving spouse or domestic partner; liens/judgments do not attach unless in both names.