Dear tywilson-ga
Thank you for allowing me an opportunity to answer your interesting question.
According to Black?s Law Dictionary, Fifth Edition, there are four
fundamental types of ownership:
A ?tenancy in common?: a unity of possession that grants each owner
the right to separately convey and transfer his/her title to the real
estate. If one of the owners dies, his or her title passes to his or
her heirs.
A ?joint tenancy? : a joint ownership where each owner has the same
interest. Each of the owners hold the right of survivorship; in other
words, if one of the owners dies, his/her interest automatically
passes to the other owner.
?Tenancy by entirety,? or ?estate by entirety?. This a joint tenancy
that includes the rights of a marital relationship. In this form of
ownership, the interests of husband and wife in the real estate are
viewed as one and there is a unity of ownership with a right of
survivorship. In other words, a married couple can say to one another,
?What?s yours is mine and what?s mine is yours?.
The final form is known as ?community property.? In a community
property state, each spouse in a marriage (but not necessarily
mentioned on a deed) has an undivided one-half (1/2) interest in the
real estate. This is best explained by saying ?What?s mine is mine and
what?s yours is mine too?.
?Alabama recognizes the following types of ownership: tenancy in
common and joint tenancy with right of survivorship, but not tenancy
by entirety and community property. A grant of ownership of real
estate to two or more persons is presumed to create a tenancy in
common, unless the conveyance expressly states that a joint tenancy
with right of survivorship is being created. Alabama Code §35-4-7.?
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Tutuzdad ? Google Answers Researcher
OTHER INFORMATION SOURCES
ALABAMA LEGISLATURE
http://alisdb.legislature.state.al.us/acas/CodeOfAlabama/1975/130738.htm
LAWCHEK
http://www.lawchek.com/resources/forms/que/ownership.htm
Alabama Code §35-4-7.
Section 35-4-7 Survivorship between joint tenants.
http://www.legislature.state.al.us/CodeofAlabama/1975/35-4-7.htm
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