parties
Joint Tenancy
A form of co-ownership where owners hold equal interests with right of survivorship, automatically transferring to surviving owners upon death.
In depth
Joint tenants own equal undivided interests with the four unities: time, title, interest, and possession. Right of survivorship means a deceased joint tenant's interest passes automatically to the surviving joint tenants, bypassing probate. Misconception: joint tenancy is not the same as tenancy by the entirety; the latter is restricted to married couples and offers stronger creditor protection. Practically, joint tenancy avoids probate but complicates estate planning, as the survivors take the entire property regardless of the decedent's will. In FSBO transactions, all joint tenants must sign the deed. Severance occurs when one joint tenant transfers their interest, converting the holding to tenancy in common.
Educational content only. Definitions reflect typical usage in US owner-finance and FSBO transactions; statutes and case law vary by state. Consult a licensed real-estate attorney for fact-specific guidance.