Nevada Revised Statutes 111.064 – Tenancy in common or estate in community property: Creation; right of survivorship
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1. Estates as tenants in common or estates in community property may be created by conveyance from a married couple to themselves or to themselves and others or from a sole owner to himself or herself and others in the same manner as a joint tenancy may be created.
Terms Used In Nevada Revised Statutes 111.064
- Conveyance: shall be construed to embrace every instrument in writing, except a last will and testament, whatever may be its form, and by whatever name it may be known in law, by which any estate or interest in lands is created, aliened, assigned or surrendered. See Nevada Revised Statutes 111.010
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
2. A right of survivorship does not arise when an estate in community property is created in a married couple, as such, unless the instrument creating the estate expressly declares that the married couple take the property as community property with a right of survivorship. This right of survivorship is extinguished whenever either spouse, during the marriage, transfers the spouse’s interest in the community property.