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Co-Ownership of Real Estate
Two or more persons can be the owners of the same property. If the owners take title to the property as tenants in common, they each own an undivided one-half interest in the property. Each owner can sell or mortgage his or her interest in the property without the consent of the other tenant. Upon the death of one of the co-owners, his or her share of the property is inherited by his heirs or beneficiaries. His share of the property is a probate asset.
If the parties take title to the property as joint tenants with rights of survivorship upon the death of one of the co-owners her share of the property passes to the surviving party. Thus, the property of the deceased member does not pass through probate.
In Florida, if a married couple takes title to property as husband and wife it creates a tenancy by the entireties. Upon the death of the first spouse his or her share passes to the surviving spouse. The Ohio legislature abolished estate by the entireties in 1985.
