The Law Office of Tracy Bryan Horstkamp, P.C.
The Virginia State Bar has a wealth of information on their website for the general public (www.vsb.org), including news about the Bar and different components of the state law. There is also a search feature, and an attorney referral link. The American Bar Association issued a newsletter that explains property interests, and the options open to you as an owner of real estate.
What Are the Most Common Types of Tenancy?
The term "tenancy" means to hold title. There are a variety of ways to hold title in the state of Virginia. Our legal representative, Tracy Bryan Horstkamp, Esquire has prepared the following list of the most frequent tenancies used in Virginia (Source: Blacks Law Dictionary; 6th Edition).
One who holds possession to land with no one else.
Tenants in Common
Two or more people who hold land together, with equally divided interest between them, or a designated percentage interest between them (for example, 60% to 40%). Upon the death of an owner, shares pass to the owner's heirs.
Joint Tenants with the Full Common Law Right of Survivorship
Two or more people holding land together with one interest between them all. In the case of the death of one owner, the surviving owner(s) will own the land. The decedent's interest in the property passes to the surviving owners as a matter of law and does not pass to their heirs.
Tenants by Entirety with the Full Common Law Right of Survivorship
Husband and wife holding land together. In case of the death of either husband or wife, the surviving tenant will own the land. The decedent's share passes to the survivor as a matter of law and does not pass to their heirs. Additionally, a creditor of one spouse may not attach a lien to the property to secure a judgment, but a creditor of both spouses may attach a lien to the property to secure a judgment.