Concurrent ownership is the ownership by two or more persons at the same time (Jacobus, 2010). There are three types of concurrent ownership namely, tenants in common, joint tenancy and tenancy in entirety. For this paper I will only focus on tenants in common and joint tenancy. I will be defining both forms of concurrent ownership. I will also be looking at the advantages and disadvantages o both tenancy in common and joint tenancy in relation to family looking at the relationship of husband and wife.
Tenants in common is defined as the undivided shared interest or ownership o a single property among two or more persons. In this form of concurrent ownership each tenant has an undivided interest in the whole property. All the tenants have the right of possession of the entire property which means that, no owner can exclude the other co-owners or claim a specific portion of the property. It should also be carefully ...view middle of the document...
In this form of ownership each owner has the right to sell, mortgage, give away his or her portion and only his or her portion without the permission and this is due to the fact that each tenant in common has a separate legal title. Both husband and wife are responsible to paying their share of taxes, repairs and upkeep.
The major advantage of tenants in common is that it allows two or more persons to achieve goals that one person could not accomplish. Looking at a married couple a husband may decide that he wants to buy a piece of land as an investment but he does not have the complete amount of funds to purchase this land neither does his wife on her own, but coming together they can achieve such a goal. With every advantage comes disadvantages, disadvantages pertaining to tenants in common are: a co-owner may refuse to pay his share of ownership expenses; differences may arise as to how the property should be operated and disagreements as to when to sell, for how much and on what terms.
Joint tenancy is defined as ownership of property by two or more persons, each having an equal interest that is the right to use, possess and enjoy the property. This form of ownership is the most common among married couples in Jamaica. It is important to note in order to create a joint tenancy four unities must be present and these are; unities of title, time, interest and possession. All joint tenants have identically equal interests. For instance if one owner holds a fee simple interest then all other owners must own a fee simple interest as well, this is known as the unity of interest. In joint tenancy all tenants must have an equal right of possession in the property that is no individual owns a particular portion of the property this is known as unity of possession. Joint tenants must acquire interests from the same source, that is the same deed or will and this is called the unity of title. Each joint tenant must acquire his or her ownership interest at the same time this is called the unity of time.