So let's walk through the various types of ownership that we typically see on titles for individuals, not entities.
Right. So when people own title together, they can own it a number of different ways. The most common is what they call tenants in common. So we've got two individuals that own property together as tenants and basically that gives them each unless it says otherwise 50/50 rights in the property from the ownership perspective, but a hundred percent right to access the property. So it's not like there's a chalk line down the middle of the property they get to own that property together with equal rights to it. The other way is with joint tenants. It adds something beyond tenants in common if I own 50% I can sell my interest to whomever I want without the permission of the person that owns. So you and I buy a lake front piece of property together. We're tenants in common. You have at any time the right to sell your 50 percent to whoever you want. I don't have any say over it exactly and I get to use a hundred percent of the beach. At the same time you get to use 100 percent of each.
Joint tenants same thing. We might own the property 50-50 but now I can't sell my interest without you signing off on it. The other next step is joint tenants with full rights of survivorship. Now, that means not only can I not sell the property without your permission, but if you die, I get your share automatically. That's very similar to husband and wife when a husband and wife own a property together. It's presumed under law that it's by the entireties in other words. If one spouse passes away, the other spouse automatically gets the property.
Yeah. Same thing for same-sex couples now.
Exactly. That presumption and now we're working with tenants in common, where if one of the people that owns the property is tenants in common passes away. It doesn't automatically transfer to the other person and if that person's passed away, we have to get information as to who can sign on behalf of that person's estate to get that property, whether it's to the remaining owner or to their heirs and descendants. Typically a probate issue.
Exactly. So the default in Michigan is two things for married couples. That's tenants by the entirety.
That's right.
For everything else it’s tenants in common.
That's exactly right.
