Any common tenant can claim a division of the property. The owner looking for the partition does not have to prove a fault or fault of the other owner; The search for a share is a right of any co-owner. In Michigan, the legal presumption is that if a document does not define a type of condominium, the property is in possession as a common tenant. Therefore, if a document says Jane Smith and John Doe without any language following it, it is supposed to be considered a common tenant. The joint rental agreement with right of survival is created by a very specific language in the deed, which transfers ownership to the common tenants. Tenants with survival rights must also acquire (through an act) the right of ownership to create this type of property. The main difference between the joint lease and shared ownership as a tenant is that, in the case of joint tenancy, when a landlord is dying, the surviving owner receives 100% of the property. This type of ownership avoids the problems listed above by avoiding the transfer of a partial share of ownership. If two or more people own a property as joint tenants, all parts of the property are owned equally by the group.

Tenants may have a different share of the ownership shares. For example, Sarah and Debbie each own 25% of a property, while Leticia owns 50%. While the percentage of ownership varies, no one can claim ownership of a specific part of the property. Because a joint lease agreement does not legally divide a property or property, most tax areas do not separately assign each owner a proportionate property tax bill based on their share of ownership. Most of the time, joint tenants receive a single property tax bill. The remaining tenants may also find that they now own the property with someone they don`t know or agree with. This new tenant can bring an action in division that obliges reluctant co-tenants to sell or share the property. Therefore, the ownership share of the property can go through will or intestacy. Overall, tenants and tenants have a right of survival, which means that after the death of one of the tenants, their property is transferred equally to the remaining living owner or to the remaining owners.

Read more: Difference between common ownership with survival rights and shared rental agreement A joint lease allows two or more people to own land, each owning part of the property…