What Is Joint Tenancy?
Joint tenancy is a form of shared ownership where all owners hold equal shares, and when one owner dies, their share automatically passes to the surviving owners — bypassing probate — rather than to their own heirs.
Joint Tenancy vs. Tenancy in Common
Equal ownership shares with automatic right of survivorship — a deceased owner's share passes directly to the surviving owners, bypassing probate.
Ownership shares can be unequal, and each owner's share passes to their own heirs, not automatically to the other owners.
Related Terms
More Owning Terms
This definition is provided for general educational purposes and is not financial, legal, tax, or real estate advice. Verify important decisions with appropriately qualified professionals.
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