Property Ownership
In New York, tenancy in common differs from joint tenancy primarily because tenancy in common:
AAlways passes to the surviving co-owners at death
BDoes not include the right of survivorship✓ Correct
CRequires equal ownership shares
DIs only available to married couples
Explanation
Tenancy in common does not carry the right of survivorship. Each co-tenant's interest passes to their heirs or devisees upon death.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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