What is joint tenancy?
Joint tenancy is an arrangement in which more than one person owns a piece of property. Many spouses own their property as joint tenants, with equal shares in the property. Joint tenancy can include a right of survivorship, which allows the property to transfer to the other tenants when one joint tenant dies. Joint tenancy is just one way that people can hold property jointly. Tenancy in the entirety is similar to joint tenancy, except each spouse holds an undivided half of the property. Tenants in common can own unequal shares of property and is a common way for commercial partners and cohabiting unmarried couples to hold property. An attorney can help a real estate purchaser to determine which form of ownership is most beneficial under his or her specific circumstances.
• Joint tenancy is a way in which two or more persons may hold title to property in equal, undivided shares. When one owner dies, his or her share of the property is not passed on according to a will, but automatically becomes the property of the surviving joint tenant(s). The last survivor becomes the sole owner of the property and can dispose of it as he or she wishes. • Example: Three brothers (“Tom”, “Dick” and “Harry”) own land in joint tenancy. Tom dies, and his share passes equally to Dick and Harry, not to Tom’s wife, children brother heirs. When Dick dies, Harry owns the land entirely. He may sell it leave it to his children or other persons of his choice, give it to charity, or do as he wishes with it. The heirs of Tom and Dick would have no claim to the land. This example assumes after Tom’s death. Dick and Harry continue their joint tenancy relationship. However, they would also have the option of severing the joint tenancy and establishing another method of ownership which
Joint tenancy is a type of ownership in which two or more people share an interest in personal property or real estate. If the interest is as tenants in common, each person owns an undivided but individual interest which goes to his heirs at death. If the interest is “with right of survivorship”, the interest goes to the surviving joint owner.
Joint tenancy is a term used to describe the ownership of two or more parties of a property. It can engender some confusion as renters are often called tenants. However those with joint tenancy tend to be owners of a property and not renters. There are actually several types of joint tenancy, and rules applying to this type of ownership may vary according to state law. Joint tenancy can refer to tenancy in common. Each owner holds a share of the property that is separate and discrete from shares held by other owners. The shares in the property do not have to be equal. For example, one owner could be entitled to half the property and two other owners might each own a fourth of the property. People who have tenancy in common are able to do what they like with their share of the property. This can include mortgaging their share of the property, without affecting other people’s ownership. They can also designate inheritance of the property to their survivors. In general, other owners in th
