Quitclaim Deed - Three Individuals to Two Individuals as Joint Tenants with the Right of Survivorship - Colorado: Fill out & sign online

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Can three people be tenants in common?

Properties owned by more than two people can be owned as joint tenants or tenants in common.

What is the difference between joint tenants and tenants in common in Colorado?

Second, a tenants in common allows businesses to be co-owners, whereas joint tenancy only allows natural persons (living people, not businesses) to be co-owners. Third, and most importantly for some, a tenancy in common allows a party to hold their interest even after death because it vests into their estate.

What are cons to a tenants in common?

Cons. All tenants are equally liable for debts and property tax. It only takes one of the people involved to force the sale of the property. You dont automatically get the property rights of a fellow tenant when they die.

Is joint tenancy the default in Colorado?

In Colorado, tenants in common is the default. This means that when drafting a deed and purchasing a piece of real property if joint tenancy is not listed tenants in common will be inferred. Tenancy in common is an agreement where two or more people share the ownership rights of the real property.

Can two people own one piece of land?

Tenancy in common is the most prevailing form of concurrent ownership of real property used by unmarried people. In a tenancy in common, two or more people own the same parcel of land in undivided interests which may be equal or unequal in size.

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