joint tenancy

Popular Terms
Joint ownership of property by two or more related or unrelated entities (joint-tenants) which is effected only when four conditions interest, possession, time, and title (called four unities) are fulfilled. Unlike in tenancy-in-common, joint-tenants have right of survivorship: the entire share of a deceased joint-tenant automatically (without probate) passes on to the surviving joint-tenant(s), the last survivor becoming the absolute and sole owner. Property in joint-tenancy is not subject to probate or claims of anyone (except due taxes) and passes on free. Also called joint tenancy with right of ownership in common.
See also tenancy in common and time sharing.

Use 'joint tenancy' in a Sentence

It was a joint tenancy, which made me a lot happier because I did not want to be in it alone and have to pay alone.
17 people found this helpful
My sister and I maintained joint tenancy of the house that we inherited from our parents until we were able to sell it.
15 people found this helpful
You need to really trust the others you will stay with any time that you will be entering into a joint tenancy agreement.
14 people found this helpful

Email Print Embed