JOINT
TENANT (TENANCY)
A
joint tenant is a person who holds land in an undivided share with
others and is the most common form of ownership for married couples.
There are 4 unities:
- UNITY OF TITLE:
Created by the one instrument.
- UNITY OF TIME:
The interests vest at the same time.
- UNITY OF
POSSESSION: Each tenant is equally entitled to possession.
- UNITY OF
INTEREST: Each tenant has a similar estate in the land.
If
one tenant dies that interest vests in the surviving joint tenant(s).
This is a right of survivorship (jus
accrescendii). Compare
with
tenancy
in common.
The
owner of a unit in a unit title scheme has an interest in the common
property as tenant in common. The share of the interest is the same
as that of the unit’s unit entitlement.