Quick Definition

Joint tenancy is a form of property co-ownership where two or more individuals hold equal shares of the property with rights of survivorship, meaning that upon the death of one tenant, their share automatically passes to the surviving tenants.

Examples

• 1Two married couples purchase a vacation home together as joint tenants. If one spouse passes away, their share of the property automatically transfers to the surviving spouse.
• 2A group of four friends buy an investment property as joint tenants. When one friend dies, the remaining three friends equally share the deceased friend's portion, enhancing their stake in the property.
• 3An elderly parent and their adult child hold a family home as joint tenants to ensure that the property seamlessly transfers to the child upon the parent's death without going through probate.

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