Remember Property 101? There are four unities re: joint tenancy: unity of possession, interest, time and title. As a rule, if any of these 4 unities is missing then the joint tenancy becomes a tenancy in common. So, if A and B own property at JT’s and B transfers to C then A and C own the property as 50% TIC.
But — California has a statutory exception when someone who owns property by themselves wants to create a JT with others.
For example, Amy owns Blackacre. When her kids became adults, Amy wanted to create a joint tenancy with them. She is allowed to deed the property to them and name herself as joint tenants. It will look like this — “Amy, as sole owner, hereby grants Blackacre to Amy (herself), Mary and Joe as joint tenants.” Under California’s statutory exception — this new deed satisfies the unity of time and title even though Amy acquired the property many years ago through a different deed.
Post by: Bankruptcy Attorney, Sevan Gorginian, Esq.