National Credit Union Administration. The National Credit Union Administration (NCUA) is the independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions.
This joint tenancy severance is necessary to change your tenancy from a joint tenancy to a tenancy in common. This notice will record the current ownership of the property as well as the change in ownership. Ask a lawyer to discuss your specific legal situation.
When one of the tenants dies, his or her interest in the property passes to his or her heirs and not to the other tenants (unless the other tenants are also heirs). There is no limit to the number of owners who can hold an interest in the property. Tenants in Common v. Joint Tenants with Right of Survivorship. The biggest difference between a Tenancy in Common and Joint Tenancy is in the way the property is transferred when an owner dies. Under a Tenancy in Common, the deceased owner's interest passes to his or her heirs via Will, Trust, intestate, etc.