Changes

'''Joint tenancy''' is a form of legal co-ownership of [[property]] which typically includes a right to [[survivorship]]. With a right to survivorship, at the death of one co-owner the surviving co-owner becomes sole owner of the property.  It is sometimes referred to as "joint tenancy with right of survivorship" or abbreviated JTWROS.

'''Joint tenancy''' is a form of legal co-ownership of [[property]] which includes a right to [[survivorship]]. With a right to survivorship, at the death of one co-owner the surviving co-owner(s) obtain the deceased's interest in the property (in equal shares, if more than one surviving co-owner).  It is sometimes referred to as "joint tenancy with right of survivorship" or abbreviated JTWROS.

A joint tenancy is created where all the co-owners share "four unities":  

 

A joint tenancy is created where all the co-owners share four "unities":  

*Time - the property must be acquired by all the co-owners at the same time.

*Time - the property must be acquired by all the co-owners at the same time.

*Title - all co-owners must acquire the property from the same document.

*Title - all co-owners must acquire the property from the same document.

If at any time one co-owner sells his/her interest apart from the other, the joint tenancy ends and converts to a [[tenancy in common]].

If at any time one co-owner sells his/her interest apart from the other, the joint tenancy ends and converts to a [[tenancy in common]].

A [[tenancy by the entirety]] is a special form of joint tenancy between a husband and wife.

A [[tenancy by the entirety]] is a special form of joint tenancy, limited to property owned by a husband and wife.

[[Category:Legal Terms]]

[[Category:Legal Terms]]

[[Category:Real Estate]]

[[Category:Real Estate]]