Just some info for people who might not know what tenancy is, some of these terms are different in each state but the concepts are very similar. An example of this is Tenants by Entirety, which is reserved for married couples in Maryland. This was put out by Chicago Title.
The comparison below is provided for information only, it should not be used to determine how you hold title. I always highly recommend that you seek professional counsel from an attorney and/or CPA to determine the legal and tax consequences of how title is vested.
Also please remember as an agent or non attorney do not give advice on how a client should hold title. You really do not want to committ an "unlawful practice of law". This may not only cause you to loose you licence to do business but may cause jail time as well.
| COMMUNITY PROPERTY | JOINT TENANCY | TENANCY IN COMMON | TENANCY IN PARTNERSHIP | TITLE HOLDING TRUST | |
| PARTIES | Only husband and wife | Any number of persons (can be husband and wife) | Any number of persons (can be husband and wife) | Only partners (any number) | Individuals, groups of persons, partnerships or corporations, a living trust |
| DIVISION | Ownership and managerial interests are equal except control of business is solely with managing spouse | Ownership interests must be equal | Ownership can be divided into any number of interests equal or unequal | Ownership interest is in relation to interest in partnership | Ownership is a personal property interest and can be divided into any number of interests |
| TITLE | Title is in the "community." Each interest is separate but management is unified | Sale by joint tenant severs joint tenancy | Each co-owner has a separate legal title to his/her undivided interest | Title is in the "partnership" | Legal and equitable title is held by the trustee |
| POSSESSION | Both co-owners have equal management and control | Equal right of possession | Equal right of possession | Equal right of possession, but only for partnership purposes | Right of possession as specified in the trust provisions |
| CONVEYANCE | Personal property (except "necessaries") may be conveyed for valuable consideration without consent of other spouse; real property requires written consent of other spouse, and separate interest cannot be conveyed except upon death | Conveyance by one co-owner without the others breaks the joint tenancy | Each co-owner's interest may be conveyed separately by its owner | Any authorized partner may convey whole partnership property for partnership purposes | Designated parties within the trust agreement authorize the trustee to convey property. Also, a beneficiary's interest in the trust may be transferred. |
| PURCHASER'S STATUS | Purchaser can only acquire whole title of community; cannot acquire a part of it | Purchaser will become a tenant in common with the other co-owners in the property | Purchaser will become a tenant in common with the other co-owners in the property | Purchaser can only acquire the whole title | A purchaser may obtain a beneficiaries interest by assignment or may obtain legal and equitable title from the trust |
| DEATH | On co-owner's death, ½ belongs to survivor in severalty. ½ goes by will to descendants devisee or by succession to survivor | On co-owner's death his/her interest ends and cannot be disposed of by will. Survivor owns the property by survivorship | On co-owner's death his/her interest passes by will to devisee or heirs. No survivorship rights. | On partner's death, his/her partnership interest passes to the surviving partner pending liquidation of the partnership. Share of deceased partner then goes to his/her estate | Successor beneficiaries may be named in the trust agreement, eliminating the need for probate. |
| SUCCESSOR'S STATUS | If passing by will, tenancy in common between devisee and survivor results. | Last survivor owns property | Devisee or heirs become tenants in common | Heirs or devisee have rights in partnership interest but not specific property | Defined by the trust agreement, generally the successor becomes the beneficiary and the trust continues |
| CREDITOR'S RIGHTS | Property of community is liable for debts of either spouse, which are made before or after marriage. Whole property may be sold on execution sale to satisfy creditor | Co-owner's interest may be sold on execution sale to satisfy creditor. Joint tenancy is broken. Creditor becomes a tenant in common | Co-owner's interest may be sold on execution sale to satisfy his/her creditor. Creditor becomes a tenant in common | Partner's interest cannot be seized or sold separately by his/her personal creditor but his/her share of profits may be obtained by a personal creditor. Whole property may be sold on execution sale to satisfy partnership creditor | Creditor may seek an order for execution sale of the beneficial interest or may seek an order that the trust estate be liquidated and the proceeds distributed |
| PRESUMPTION | Strong presumption that property acquired by husband and wife is community | Must be expressly stated | Favored in doubtful cases except husband and wife case | Arise only by virtue of partnership status in property placed in partnership | A trust is expressly created by an executed trust agreement |
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