Joint Tenancy

Joint tenants hold an equal interest in the property as a whole. Joint tenancy involves 2 or more owners with each owner having the right of survivorship regarding the property. In other words, when one owner dies that person's interest automatically passes to the surviving owner(s). 

As such, a joint tenant cannot will his or her interest to anyone else. It is the form of ownership most often used for married couples. If individuals wish to become joint tenants it must be specified on the title transfer document. Otherwise, they will automatically become tenants in common.

There are 4 conditions that must exist for a joint tenancy to be in effect. If

any of these conditions is terminated, the joint tenancy ends and it becomes a

tenancy in common. These conditions include:

• Time: Generally all joint tenants receive their interests at the same time

• Title: All joint tenants must obtain their title from the same document

• Interest: Generally all joint tenants have the same type of ownership interest in the property

• Possession: All tenants have an undivided interest in the property and no joint tenant holds any part separately to the exclusion of the other owner(s)