You're a
joint tenant if there's more than one tenant named in the tenancy agreement.
If a tenant dies, that person's share automatically transfers to the other
joint tenant.
"
Joint tenants" and "tenants in common" are ways of describing how you own the property: the terms have a different legal meaning to the type of tenant who rents a property from a landlord.
In addition, any bank or brokerage or mutual fund accounts held as JTWROS will be owned by the surviving owner or owners after one of the
joint tenants dies.
In order to create a joint tenancy, the
joint tenants must possess the four unities: interest, title, time, and possession.
They acquired both houses as
joint tenants and held them as
joint tenants during the years in issue.
This article examines the effects of owning property as tenants by the entirety, tenants in common,
joint tenants with right of survivorship, and with life estates.
When the house was bought, it had been put in both their names as "
joint tenants", but it came as "a huge surprise" to Boycott in 2007 that his late partner had converted it into a "tenancy in common" so that she could leave half the property to her heirs.
They should consider buying as tenants in common rather than as
joint tenants. By doing so, they are entitled to the share of the property that they started with in the case of separation.
Unfortunately, there is not a clear authority for Jack or anyone else who seeks statutory guidance for calculating the exact amount of a discount for a one-half interest in property held as
joint tenants with rights of survivorship.