Written by attorneys · grounded in primary & secondary sources — see below
2 senses
1
concurrent ownership
An estate in which two or more persons hold undivided interests in the same property. The estate arises when a conveyance creates joint tenancy, tenancy in common, or tenancy by the entirety under applicable state rules that permit such forms for fee simple conditional or tail estates.
2
leasehold interest
A possessory interest in real property created when a landlord transfers the right to exclusive possession of identified premises to a tenant for a term or until terminated by notice. The interest endures according to the parties' agreement or statutory notice requirements and may arise even from an invalid lease if possession is taken.
Each sense below has its own examples, sources, and questions.
Sense 1
1
concurrent ownership
An estate in which two or more persons hold undivided interests in the same property. The estate arises when a conveyance creates joint tenancy, tenancy in common, or tenancy by the entirety under applicable state rules that permit such forms for fee simple conditional or tail estates.
Sources & Authorities· 2 sources
Select any source to read its text and confirm it supports the definition.
Restatements
Examples4
Conveyance Creates Joint Tenancy
Thaddeus Tran and Theresa Tucker receive a deed conveying a research facility to them as husband and wife together with their issue entering a designated profession. State law permits joint tenancy for such estates. The conveyance therefore creates a joint tenancy allowing the survivor to take the entire interest by operation of law.
Will Cannot Devise Joint Tenancy Property
Tessa Takahashi holds a house in joint tenancy with her spouse. While divorce proceedings are pending she executes a will attempting to leave her interest to a third party. Upon her death while still married the interest passes by survivorship to the spouse rather than through the will.
Augmented Estate Includes Joint Tenancy Interest
Tabitha Taylor dies owning a fractional interest in property held in joint tenancy with her surviving spouse. The probate calculation includes that fractional interest in the augmented estate for elective-share purposes. The surviving spouse's share is therefore computed with the joint tenancy interest counted.
Frequently Asked3
Does a will control property held in joint tenancy?+
A will has no effect on property held in joint tenancy with right of survivorship. Title passes directly to the surviving joint tenant by operation of law. Courts refuse to impose a constructive trust to redirect the interest absent wrongful conduct.
Supporting sources
Does joint ownership of property automatically create a partnership?+
Joint tenancy or tenancy in common does not by itself establish a partnership even when co-owners share profits from the property. Partnership requires an association of two or more persons to carry on a business as co-owners for profit. Mere co-ownership of assets used in a business is insufficient.
Supporting sources
Sense 2
2
leasehold interest
A possessory interest in real property created when a landlord transfers the right to exclusive possession of identified premises to a tenant for a term or until terminated by notice. The interest endures according to the parties' agreement or statutory notice requirements and may arise even from an invalid lease if possession is taken.
Sources & Authorities· 3 sources
Select any source to read its text and confirm it supports the definition.
Restatements
Examples2
Periodic Tenancy Terminable by Notice
Tyler Taylor leases warehouse space to Tamara Tan under an agreement that continues month to month until either party gives the required notice. After Taylor provides proper notice at the end of a period, the tenancy ends and Tan must vacate. The relationship therefore terminates exactly as the notice provision requires.
Leasehold Option Duration Governed by Tenancy Law
Topaz Mining holds a lease containing an option to purchase the leased premises. The lease term ends and the option's duration is measured by landlord-tenant rules rather than general option doctrine. The option therefore lasts according to the tenancy rules that govern the underlying leasehold.
Frequently Asked2
When does a lease create a periodic tenancy rather than a tenancy at will?+
A periodic tenancy arises when possession is taken and rent is paid and accepted under an invalid lease. The tenancy continues from period to period until proper notice terminates it. A tenancy at will exists only when the arrangement is terminable at the will of either party without the rent-payment element.
Supporting sources
What notice is required to terminate a periodic tenancy?+
A periodic tenancy continues until one party gives the required notice to terminate at the end of a period. Statutes commonly prescribe the notice length, often one month for most tenancies. The tenancy ends only after proper notice is given and the period expires.
Triumph Manufacturing and Thunderbolt Motors co-own equipment used in a shared production facility and divide gross returns from its use. They never agree to carry on a business as co-owners for profit. The joint ownership therefore does not establish a partnership between them.
How is a surviving spouse's joint tenancy interest treated in the augmented estate?+
The surviving spouse's fractional interest in property held in joint tenancy with right of survivorship is included in the augmented estate. The fraction equals one divided by one plus the number of surviving joint tenants. This inclusion affects the elective-share calculation.
Supporting sources
tenancy
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