Single vs Joint Tenancy — Ownership, Survivorship and Title Implications

Answer

Intro: When two or more people hold title to a property, the wording of that title determines control, what happens at death, and how you can transfer your interest. Single (sole) tenancy means one owner holds title alone; joint tenancy creates shared ownership with a right of survivorship unless the deed says otherwise.

Key differences and practical effects

• Ownership shares. In single tenancy one person owns 100%. In joint tenancy co-owners typically hold equal, undivided shares (e.g., two owners = 50/50), unless you structure a different ownership type such as tenancy in common.
• Right of survivorship. Joint tenancy usually includes a right of survivorship: when one owner dies, their interest passes automatically to the surviving joint tenant(s) — bypassing probate. A sole owner’s interest passes through their will or estate plans.
• Transfer and sale. A sole owner can sell or mortgage the property unilaterally. A joint tenant generally can transfer their interest, but doing so may sever the joint tenancy and convert title into tenancy in common, changing survivorship rights.
• Creditor claims. Creditors can typically attach an owner’s interest. In joint tenancy, creditor action against one owner can complicate the shared title and potentially result in partition actions. Some protections (like tenancy by entirety for married couples) exist in certain states.
• Management and occupancy. A sole owner controls decisions. With joint tenants, decisions about leasing, major repairs or sale usually require agreement among owners or follow the terms of a written operating agreement.
• Taxes and reporting. Owners generally report income, expenses and depreciation according to their ownership arrangement; joint tenants split tax items according to agreement or contribution. For tax-specific guidance, it’s advisable to consult a tax professional.

Practical examples:
If siblings add their names as joint tenants to a rental house, the survivor automatically owns the entire property on the other’s death. If one sibling wants to sell their share, that act may sever the joint tenancy and change how the property is handled at death.

Final note: Choice between single and joint tenancy affects estate planning, creditor exposure and day-to-day control. Because rules vary by state (and options like tenancy by the entirety or tenancy in common exist), it’s advisable to consult a licensed local attorney or experienced title professional before changing or creating ownership arrangements.