What is concurrent estate?

A concurrent estate is an estate in land in which two or more parties have an interest in one real property at the same time.

Ownership of property

Ownership of property

Individuals holding the same interest in the property are usually referred to as co-owners, joint tenants, or co-tenants. Concurrent estate can be classified into three types: tenancy in common, joint tenancy, and tenancy by entirety.

a) Tenancy in Common

Under this agreement, each co-owner has definite and separate shares in the property. Thus, if one owner dies, his share will not automatically become a part of the share of the surviving owner. Instead, the interest in the property will be passed on to the decedent’s heirs or whoever he specifies in his will.

b) Joint Tenancy

This is the opposite of tenancy in common. In this agreement, the joint owners do not have a separate and distinct share in the property. Each tenant has an undivided share of the estate, and the right of ’survivorship’ is present. This means that if one owner dies, the remaining owners retain an undivided right to the property.

c) Tenancy by Entirety

The agreement of tenancy can only be created between husband and wife since marriage is its number one requisite. Under this type of concurrent estate, ownership of property is treated as though the owners are a single person. It is quite similar to joint tenancy except that the right to survivorship cannot be broken by severance or death by one party. The termination of agreement can only be made possible with the consent of both spouses.