Joint Tenancy
Definition
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
Example
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.
Exam Tip
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 Ownership Terms
Bundle of Rights
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Freehold Estate
A freehold estate represents ownership of real property with an indefinite duration.
Leasehold Estate
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
Life Estate
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Water Rights: Riparian and Littoral
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
Real Property vs. Personal Property
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Frequently Asked Questions
Test Your Ownership Knowledge
Practice with exam-style questions to make sure you can apply Joint Tenancy and other ownership concepts.