What is joint occupancy? It’s a kind of joint belongings of property. It resembles occupancy in typical, however, the distinction is that joint occupancy includes the survivorship right.
This indicates that upon the death of any of joint tenants, their interest in the property or land is passed on to the other joint renter. The surviving renter owns the rights to the whole estate. Thus, the share can not be passed on to successors when it comes to joint tenancy.
There are four conditions that must be met for joint occupancy to exist:
How Can I Terminate a Joint Occupancy?
To end a joint occupancy, one of the four conditions must be ruined. This can be done by turning over the joint occupancy interests to a 3rd individual. You can achieve this by gifting or offering your interest. Upon termination, the 3rd person and staying co-tenants form an occupancy in typical. A joint renter can transfer their interest separately, and do they can do so without the permission or knowledge of their con-tenants.
If you are wanting to terminate a joint occupancy, while still keeping interest in the property, there are a couple of options:
You and the co-tenants could concur to convert the initial joint occupancy arrangement into tenancy in common.
The Benefit of Terminating a Joint Tenancy
The advantage of terminating a joint tenancy and going with a tenancy in typical is that, of course, when you die your beneficiaries will acquire your share of the property. This step makes sure that your successors receive their reasonable share, rather than your co-tenants acquiring your share of the property.
Will I Need a Lawyer?
A property attorney can assist you with the process to ensure your interest remains secured. They can assist you decide which approach would be most proper for you in ending a joint occupancy. A probate attorney can help in creating a trust or will to ensure your property interests reach your beneficiaries.