joint tenancy

Definition

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.