What is joint tenancy?
Joint tenancy is a form of ownership by two or more individuals together. It differs from other types of co-ownership in that the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant. This is called a Right of Survivorship. What is tenancy in common? A tenancy in common is another form of co-ownership. It is the ownership of an asset by two or more individuals together, but without the rights of survivorship that are found in a joint tenancy. Thus, upon the death of one co-owner, his or her interest will not pass to the surviving owner or owners but will pass according to his or will. If there is no will, his or her share will pass according to the law determining heirs. What are the advantages of joint tenancy? The primary advantage of joint tenancy is the automatic transfer of ownership upon the death of one of the joint tenants. An asset that is passed from a deceased joint tenant to the surviving joint tenant(s) would n
The vast majority of joint owners of property have a Joint Tenancy agreement. This is usually automatically arranged when the property is purchased, particularly if there is a mortgage. With a Joint Tenancy all parties to the agreement own the property jointly and on death the property automatically transfers to the surviving parties irrespective of the length of ownership or any other stipulation in a Will. In practice, this would normally be the family home purchased jointly and on death it would transfer to the surviving partner.
