Which two types of co-ownership are recognized in Minnesota?

In Minnesota, ownership of property can be shared by two or more individuals in specific legal arrangements. The two recognized types of co-ownership are tenancy in common and joint tenancy.

Tenancy in common allows each co-owner to hold an individual, undivided ownership interest in the property. This means that each co-owner can sell or transfer their share independently without the consent of the other co-owners. The interests do not have to be equal; one owner may have a larger share than another. Upon the death of a tenant in common, their share of the property does not automatically pass to the other co-owners, but rather it goes to their heirs or as directed by their will.

On the other hand, joint tenancy includes the right of survivorship, meaning that upon the death of one co-owner, their interest automatically passes to the surviving joint tenants rather than to heirs. This arrangement requires that all joint tenants acquire their interests at the same time and through the same conveyance, and their shares must be equal.

Understanding these distinctions is crucial for anyone involved in real estate transactions in Minnesota, as they have implications for ownership rights, estate planning, and how property can be managed or disposed of by the co-owners.