joint tenancy

Intermediate 🏠 Real Estate

Definition

A form of property ownership where two or more parties hold equal, undivided interest with right of survivorship, meaning the property automatically transfers to surviving owners upon one's death. It's estate planning that bypasses probate court, assuming everyone stays friendly.

Example Usage

The siblings took title as joint tenants, ensuring the property would pass smoothly to the survivor without probate complications.

Origin

Property law concept from English common law tradition

Fun Fact

Joint tenancy requires the 'four unities': unity of time, title, interest, and possession—break any one and it converts to tenancy in common.

Source: Property ownership and estate planning terminology

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