Kiritsis & Associates
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.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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