1. Community Property
Parties- Community property is presumed by any deed to married persons or to registered domestic partners
Division- Ownership interest is equal
Creation- The grantee language should indicate "married person", "husband and wife" or "registered domestic partner"
Title- Title is in the "community". There is one estate, not two halfs
Conveyance by One Owner- Both co-0wners must convey real property jointly. One co-owner cannot convey separately.
Death- The decedent's half may be given by Will, or it passes to decendants by laws of succession. The spouse or domestic partner is the primary heir.
Creditors' Rights- Co-owners interest cannot be seized and sold separately for most separate debts.
Tenancy in Common
Parties- any number of persons. (Married persons or registered domestic partners.)
Division- Ownership can be divided into any number of different percentages.
Creation- The deed should state "as tenants in common". The shares are presumed to be equal if not stated.
Title- Each co-owner has a seperate legal title to their undivided interest.
Conveyance by One Owner- Each co-owner's interest may be conveyed separately.
Death- The decendant's interest may be given by Will, or it passes to decendants by laws of succession. No right of survivorship.
Creditors' rights- Co-owner's interest may be sold on execution sale to satisfy creditors.
Joint Tenancy with Right of Survivorship
Parties- Any number of persons. (Married persons or registered domestic partners)
Division- All owners must have equal interests and equal rights of possession.
Creation- All owners must acquire in one deed stating "as joint tenancy." The grantees should also sign to confirm their intention to hold title with survivorship rights.
Title-Each co-owner has a separate legal title to their undivided interest.
Conveyance by One Owner- A conveyance by one co-owner without the others breaks the joint tenancy. The Grantee is a tenant in common with the other owners and the interest does not pass to survivors.
Death- The decedent's interest terminates. All survivors own equal shares of the decedent's interest by right of survivorship.
Creditors' rights- Co-owner's interest may be sold on execution sale to satisfy creditors. The joint tenancy is then broken.
