New Jersey law follows the common law that to create a joint tenancy the express words "joint tenants" must be expressed. Ownership by two people other than a husband and a wife without such language creates a tenancy in common.
A joint tenancy passes to a survivor by operation of law, while a tenancy in common passes as a probate asset under an individual's will.
If an individual owns a non-residence with respect to either ownership, such ownership constitutes an unavailable resource if the co-tenant refuses to sell the property. If the property is held with a relative, a joint tenancy will not be subject to the lien until the relative dies, sells or moves out.
On the other hand, if the tenants in common are relatives and the will of the person leaves the property to a non-relative spouse, such property will be subject to the lien upon the death of the tenant in common.
Therefore, a deed is to be carefully reviewed in light of the above.
Disclaimer: This article does not constitute legal advice and each person may have unique facts for which legal consultation may be necessary.
© July 2011, Post 155
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