• Options for joint tenancy include tenancies at will.castle image by Krzysztof Gebarowski from Fotolia.com
  
  Homeowners have several options when it comes to owning a home with a joint tenant or co-owner. The laws of each state determine the property ownership rights within each state's borders. Laws vary by state, but there are common characteristics of joint tenancy home ownership between states. The terms to describe joint personal and real property are usually the same.
  
  

Interrelationship Between Real and Personal Property

• Although characterized differently for taxation purposes, state rules regarding real property and personal property are typically the same for joint ownership purposes. Thus, a jointly owned personal checking account is equally accessible in equal shares by each spouse. Each spouse has an equal right to deposit and remove funds at-will without the other spouse's consent. Each spouse may also typically have equal rights to the entire account without the other spouse's consent.
  
  

Common Law Definitions

• There may be confusing terms used to describe real property ownership. "Fee" simple ownership is a colloquial term from feudal England where feudal landholders could transfer the estate or fee to another party in exchange for money or the person's services. During the 13th century, landowners referred to this conveyance as a "life estate." Life estates describe property ownership owned only during the tenant's life. At the tenant's death, there was a reversion to the feudal owner. Today, most owners are simply "fee simple" owners with no limits on the owner's right to own the property for a specific period. The terms "to the property's heirs" or a variation, is used to determine the fee simple ownership in a deed.
  
  

Tenancy in Common

• Joint tenants that are tenants in common each hold an undivided interest in the entire real estate. Each owns a half share of the house unless the deed specifies each tenant holds a different proportion. For instance, Joe can hold a 25 percent interest and Jane can hold the remaining 75 percent interest. Each tenant can sell their ownership interest to a third party or bequeath it to an heir in their will. Tenants do not have to agree upon the subsequent conveyance, but if they cannot agree upon the property management, tenants may petition the court for a partition of land to sell the property. Creditors may also receive an interest in the house after a judicial determination.
  
  

Joint Tenants with Right of Survivorship

• Joint tenants that have rights of survivorship each hold an undivided interest in the entire property, similar to the tenancy in common. The distinguishing factor is that if one owner passes away, the property interest automatically conveys to the other owner. Each owner has no separate rights to devise the property to heirs in a will. Thus, if Joe predeceases Jane, Jane owns the entire tenancy.
  
  

Tenancy by the Entirety with Right of Survivorship

• Tenants by the entirety have the same rights and limitations as joint tenants who hold property with rights of survivorship. The only difference is the tenants are married in entirety tenancy. Most commonly used in Southern and Eastern common-law property states, such as Virginia, tenants by the entirety describe tenancy between spouses. At common law, the union between husband and wife were indivisible, and legally, courts viewed them as one single entity. Using the same example, Joe and Jane are married. Joe predeceases his wife, Jane. Jane owns the entire tenancy at Joe's death.