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
Real Property vs. Personal Property
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy in Common
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
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
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
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.
Cooperative Ownership
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Frequently Asked Questions
Test Your Ownership Knowledge
Practice with exam-style questions to make sure you can apply Joint Tenancy and other ownership concepts.