Definition of Joint tenancy:
Joint tenancy is most closely associated with real estate ownership, but the broader legal concept of joint tenancy with right of survivorship can apply to a range of assets, including businesses and brokerage accounts. The strong association with real estate exists because the term tenancy is seen as synonymous with owning or living in a home.
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.
Joint tenancy is a legal arrangement in which two or more people own a property together, each with equal rights and obligations. When one of the owners in a joint tenancy dies, that owner's interest in the property passes to the survivors without the property having to go through the courts.
How to 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.
- My sister and I maintained joint tenancy of the house that we inherited from our parents until we were able to sell it.
- You need to really trust the others you will stay with any time that you will be entering into a joint tenancy agreement.
Meaning of Joint tenancy & Joint tenancy Definition