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What is a co tenancy? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally, it refers to a specific piece of land, where its ownership belongs to more than one person. A co tenancy is often distinguished from a joint tenancy. The key difference is that a joint tenancy tends to imply a right of survivorship, while a co tenancy tends not to imply a right of survivorship. Although, there are significant differences, based on the jurisdiction and local legal customs; a tenancy type would not limit a tenant’s right to sell his share of the property interest, but it could impair a tenant’s power to will his property interest. This underscores the importance of having a legally valid and properly executed will, in order to maximize the chances that upon death – your property gets distributed according to your wishes. It is important to keep in mind that states are constantly changing their laws, thus the classification of a tenancy may change over the years. Clients and their attorneys should pay close attention to documents, involving real property transactions, in order to reduce misunderstandings and deter potentially expensive litigation. Following the legalization of gay marriage, it is possible that tenancy classification for gay couples may have changed.

 

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