What is the difference between joint tenancy tenancy in common and tenants by the entirety?

Joint tenancy (joint tenants with right of survivorship) means that two or more people own a property, and when one dies, the survivor automatically owns the property with no need of probate. Each grantee on the deed takes an equal share of the property, regardless of contribution to purchase price. A joint tenant may sell their interest and break the joint tenancy.

Tenants in common means that two or more people own a property, and when one dies, the deceased person's interest goes to whomever that person designated in his or her will. If there is no will the interest in the property passes to the decedent's heirs under the laws of intestacy. Tenants in common can have different percents of interest, but no tenant may exclude any other tenant from the property.

Owners of either type of deed may file for what is known as partition. A petition to partition means that one tenant on the deed may force the other tenants to dissolve the relationship. Real estate partition law varies from state to state, but regardless of state, a JTWROS deed means that distributions will be always be equal with no credits given for any excess that one tenant may have contributed toward purchase price. The fact that JTWROS tenants own equal shares is the very essence of that type of deed, and a partition action enforces that. On the other hand, TIC deed holders may be entitled to a credit for contribution to purchase price, depending upon the state.

Tenancy by the entirety is reserved for married people and is recognized in most states. When one tenant dies the other owns the property automatically with no need for probate. The survivorship rights of one cannot be severed by the other party or by creditors of either party. The property cannot be partitioned by any court.

In most states one tenant by the entirety cannot convey their interest in the property. In certain states (Massachusetts and New York are two examples) there is no law against one tenant by the entirety conveying their interest. However, their deed cannot defeat the survivorship interest of the other tenant by the entirety and a peculiar situation is created. Suppose a husband conveyed his interest to his brother. The husband no longer owns the property. The brother is now taking the husband's place in the unseverable survivorship tenancy. If the husband dies, the brother is out of luck and the brother loses his interest in the property. The wife gets it all. If the wife dies the brother gets it all.