Dwight Calwhite explains the key difference between tenants in common, where your share passes to your heirs, and joint tenancy with right of survivorship, where your share automatically goes to the other owner and skips probate.
When two or more people own real estate together, there are two main ways to structure that ownership: tenants in common and joint tenancy with right of survivorship. Tenants in common means each owner holds a separate but distinct share, equal or unequal. Each can sell, will, or transfer their share independently. If one owner passes away, their share goes to their heirs, not automatically to the co-owners. Joint tenancy, on the other hand, includes the right of survivorship. That means if one owner dies, their interest immediately transfers to the surviving joint tenants, bypassing probate entirely. It's often used between spouses for estate planning. Here's the key difference: tenants in common equals flexible ownership and inheritance. Joint tenancy equals automatic inheritance by the co-owners. Choose wisely. How you hold title can impact taxes, inheritance, and control over the property. Follow for more real estate tips that actually make sense, whether you're buying solo or with a crew.
