An Overview of Joint Tenancy in India

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An Overview of Joint Tenancy in India
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• What is Joint Tenancy?
• Joint Tenancy is shared ownership of a property
  between two or more persons, where each person
  owns an undivided interest in the whole property.
  
• This type of joint property ownership provides a
  right of survivorship meaning that when the
  owner dies, the other owners get the deceased
  owner's interest.
• The entire share of the deceased owner
  automatically passes on to the surviving
  joint-tenants.

For Ref http//www.articlesbase.com/real-estate-
articles/an-overview-of-joint-tenancy-in-india-677
1989.html
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• Basic requirements for Joint Tenancy
• Joint tenancy has many requirements which must be
  met in order to be drafted correctly. The
  conveyance deed must state clearly that the
  tenants are taking the house jointly. Apart from
  this, there are four additional legal parameters
  to be met. They are
• Unity of Time The interests of the tenants
  making the joint tenancy must qualify at the same
  time.
• Unity of Possession The joint tenants need to
  have undivided interests in the whole property as
  such and it should not be divided into separate
  sections.
• Unity of Title The joint tenants should derive
  their interests using the same documents.
• Unity of Interest Each one of the joint tenants
  must have estates of a similar type and also
  should have similar durations.

For Ref http//www.articlesbase.com/real-estate-
articles/an-overview-of-joint-tenancy-in-india-677
1989.html
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• Pros Cons of Joint Tenancy
• It is very common for married couples and
  business partners to take up titles in each
  other's bank accounts, brokerage accounts or even
  in real estate and personal property as joint
  tenants.
• A joint tenancy agreement gives tenants equal
  rights to the property and to gain complete
  ownership upon death of the other.
• However, there exist both pros and cons to such
  an agreement. They are listed below,

For Ref http//www.articlesbase.com/real-estate-
articles/an-overview-of-joint-tenancy-in-india-677
1989.html
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• Joint Tenancy definitely helps in avoiding the
  probate. When a person dies, his/her will is
  reviewed in court. After thorough examination,
  the assets and liabilities of the deceased are
  then settled between the heirs.
• But the disadvantage in this case is that the
  process may take a long time. It could take
  weeks, months or even years in the case of
  complicated estate or property dealings.
• The court automatically transfers the ownership
  of the property to the surviving tenant upon the
  death of the other tenant.
• The most important factor of joint tenancy is
  that both the parties enjoy and equally share the
  liabilities with regard to the property.

For Ref http//www.articlesbase.com/real-estate-
articles/an-overview-of-joint-tenancy-in-india-677
1989.html
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• A downside is that, in the case of debts, both
  the tenants are liable to make the necessary
  payments and are considered to be in debt
  together.
• Upon the death of a partner in joint tenancy, the
  surviving tenant has the rights to make use of
  the property as he/she likes, including the sale
  or mortgaging the same.
• Continuity is not disturbed in the case of joint
  tenancy.
• The surviving tenant has complete control over
  the property or asset and has the rights to
  bequeath it to anyone of his/her choice.
• In simple words, the deceased does not control
  the ultimate disposition of the property.

For Ref http//www.articlesbase.com/real-estate-
articles/an-overview-of-joint-tenancy-in-india-677
1989.html
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