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Concurrent or Co-Ownership
In property law, you will see property held by more than one individual or entity referred to as “concurrent ownership” or “co-ownership.” In Indiana, “[t]here are three basic forms of concurrent ownership: joint tenancy, tenancy in common, and tenancy by the entirety. [T]o create a concurrent ownership interest in real property, there must be a conveyance or devise to two or more persons.”[1]
Each of these basic forms of concurrent ownership has its own legal effect. They should be carefully distinguished in order to avoid potentially disastrous errors in property transfer and estate planning.
[1] Perez v. Gilbert, 586 N.E.2d 921, 924 (Ind. Ct. App. 1992)
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