Joint tenancy requires the four unities (remembered as TTIP): Time (all interests created at the same time), Title (all interests created by the same document), Interest (all owners have equal shares), and Possession (all owners have equal right to possess the entire property). The right of survivorship means the property passes outside of probate upon death. Any joint tenant can unilaterally sever the joint tenancy by selling or transferring their interest, which converts it to a tenancy in common.
Three siblings own a vacation home as joint tenants. When one sibling dies, the deceased sibling's interest automatically passes to the two surviving siblings equally. The deceased sibling cannot will their share to someone else because the right of survivorship takes precedence.
Memorize TTIP (Time, Title, Interest, Possession) for the four unities required. The right of survivorship is the defining feature—it overrides a will. Any joint tenant can SEVER the joint tenancy by selling their interest, which destroys the right of survivorship for that share.
Related Terms
Related Concepts
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
Frequently Asked Questions
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