When the type of co-ownership is not specifically stated, by default a tenancy in common is likely to exist. Each tenant in common has a separate fractional interest in the entire property. Although each tenant in common has a separate interest in the property, each may possess and use the whole property. Tenants in common do not have the right of survivorship. The most attractive feature of joint tenancy is the right of survivorship.
Joint tenants hold a single unified interest in the entire property.
Unlike tenants in common, joint tenancy has several requirements that must be met in order to be properly created. However, even if such language is contained in the conveying instrument, a joint tenancy may not exist. All four unities must exist. If one unity is missing at any time during the joint tenancy, the type of co-ownership automatically changes to a tenancy in common. A joint tenancy may be created by a will or deed but may never be created by intestacy because there has to be an instrument expressing joint tenancy.