An Overview of Joint Tenancy in India

1. An Overview of Joint Tenancy in India

2. What is Joint Tenancy? • Joint Tenancy is shared ownership of a property between two or more persons, where each person owns an undivided interest in the whole property. • This type of joint property ownership provides a right of survivorship; meaning that when the owner dies, the other owners get the deceased owner's interest. • The entire share of the deceased owner automatically passes on to the surviving joint-tenants. For Ref: http://www.articlesbase.com/real-estate-articles/an-overview-of-joint-tenancy-in-india-6771989.html

3. Basic requirements for Joint Tenancy • Joint tenancy has many requirements which must be met in order to be drafted correctly. The conveyance deed must state clearly that the tenants are taking the house jointly. Apart from this, there are four additional legal parameters to be met. They are: • Unity of Time – The interests of the tenants making the joint tenancy must qualify at the same time. • Unity of Possession – The joint tenants need to have undivided interests in the whole property as such and it should not be divided into separate sections. • Unity of Title – The joint tenants should derive their interests using the same documents. • Unity of Interest – Each one of the joint tenants must have estates of a similar type and also should have similar durations. For Ref: http://www.articlesbase.com/real-estate-articles/an-overview-of-joint-tenancy-in-india-6771989.html

4. Pros & Cons of Joint Tenancy • It is very common for married couples and business partners to take up titles in each other's bank accounts, brokerage accounts or even in real estate and personal property as joint tenants. • A joint tenancy agreement gives tenants equal rights to the property and to gain complete ownership upon death of the other. • However, there exist both pros and cons to such an agreement. They are listed below, For Ref: http://www.articlesbase.com/real-estate-articles/an-overview-of-joint-tenancy-in-india-6771989.html

5. Joint Tenancy definitely helps in avoiding the probate. When a person dies, his/her will is reviewed in court. After thorough examination, the assets and liabilities of the deceased are then settled between the heirs. • But the disadvantage in this case is that the process may take a long time. It could take weeks, months or even years in the case of complicated estate or property dealings. • The court automatically transfers the ownership of the property to the surviving tenant upon the death of the other tenant. • The most important factor of joint tenancy is that both the parties enjoy and equally share the liabilities with regard to the property. For Ref: http://www.articlesbase.com/real-estate-articles/an-overview-of-joint-tenancy-in-india-6771989.html

6. A downside is that, in the case of debts, both the tenants are liable to make the necessary payments and are considered to be in debt together. • Upon the death of a partner in joint tenancy, the surviving tenant has the rights to make use of the property as he/she likes, including the sale or mortgaging the same. • Continuity is not disturbed in the case of joint tenancy. • The surviving tenant has complete control over the property or asset and has the rights to bequeath it to anyone of his/her choice. • In simple words, the deceased does not control the ultimate disposition of the property. For Ref: http://www.articlesbase.com/real-estate-articles/an-overview-of-joint-tenancy-in-india-6771989.html

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