If one joint tenant
granted his or her share in the property, the grantee and the other remaining tenants would become tenants in common.
Each joint tenant
is "jointly and severally liable" for the mortgage and other property-related debts.
Further, assume that state law provides that joint tenants
share equally in the joint property's income and expenses.
However, once you have made your child a joint tenant
to your property, if the child subsequently incurs a credit problem, he or she cannot avoid the debt by transferring the share back to you.
This policy was changed by statute in [section]5482, Laws of Florida 192 7, which provided that "the doctrine of the right of survivorship in cases of real and personal property held by joint tenants
shall not prevail in this state.
Unfortunately, there is not a clear authority for Jack or anyone else who seeks statutory guidance for calculating the exact amount of a discount for a one-half interest in property held as joint tenants
with rights of survivorship.
In the case of joint tenants
with right of survivorship, the surviving joint tenant
may properly recognize the loss on her personal return [Peterson v.
The judge also said that he was entitled to extinguish the wife's interest in the home as a joint tenant
under the Ontario Family Law Act.
This is the right a joint tenant
possesses to terminate (end) the joint tenancy without the consent of the other co-tenant.
Normally, when someone is a joint tenant
and their partner ends the tenancy, they cannot automatically take over the property and must apply for housing in their own right.
Often, the residence is held in joint tenancy or in a tenancy by the entirety, in which case the residence would not pass under the will but rather would pass to the remaining joint tenant
under operation of law.
In Marshall, a district court in Minnesota ruled that the IRS could not enforce a lien so as to sell the interest of a joint tenant
where the state law prevented unilateral severance of a JTROS.