BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Here are some forms of coownership: Joint tenancy This entails the right of survivorship. Upon the death of one joint tenant, his interest immediately passes to the surviving joint tenants and not to the descendant’s estate.

Detailed explanation-2: -Joint tenants with the right of survivorship are two or more people who own an equal interest in a property. When one person dies their interest passes automatically to the surviving joint tenant(s). In contrast, tenants in common can own unequal shares in a property and have no right of survivorship.

Detailed explanation-3: -These forms of co-ownership include tenants in common, joint tenants with right of survivorship, tenancy by the entirety, and community property. The form of co-ownership should be specified on the deed to the property.

Detailed explanation-4: -Examining The 4 Types Of Co-Ownerships.

Detailed explanation-5: -On the death of one or more of the owners, their shares pass on automatically to the surviving joint owner/tenant by the right of survivorship. Only when the final owner dies will his/her legal heirs inherit the property, as per such last owner’s succession laws. For example, X, Y and Z are the joint owners of land.