- joint tenancy
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concurrent ownership of land (or other property) by two or more persons having identical interests with the quality of survivorship (i.e. if one co-owner dies the property automatically vests in the surviving joint tenant(s)).
Collins dictionary of law. W. J. Stewart. 2001.
- joint tenancy
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A way for two or more people to share ownership of real estate or other property. In almost all states, the co-owners (called joint tenants) must own equal shares of the property. When one joint tenant dies, the other owners automatically own the deceased owner's share. For example, if spouses own a house as joint tenants and one dies, the survivor automatically becomes full owner. Because of this right of survivorship, the property goes directly to the surviving joint tenants without the delay and costs of probate. Compare: tenancy by the entirety, tenancy in commonCategory: Real Estate & Rental Property → Buying a HouseCategory: Wills, Trusts & Estates → Living Trusts & Avoiding Probate
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- joint tenancy
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A type of ownership of real or personal property by two or more persons in which each owns an undivided interest in the whole.
Dictionary from West's Encyclopedia of American Law. 2005.
- joint tenancy
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I
A type of ownership of real or personal property by two or more persons in which each owns an undivided interest in the whole.II A form of legal co-ownership of property (also known as survivorship). At the death of one co-owner, the surviving co-owner becomes sole owner of the property. Tenancy by the entirety is a special form of joint tenancy between a husband and wife.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
- joint tenancy
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n.a crucial relationship in the ownership of real property, which provides that each party owns an undivided interest in the entire parcel, with both having the right to use all of it and the right of survivorship, which means that upon the death of one joint tenant, the other has title to it all. Procedurally, on the death of one joint tenant, title in the survivor is completed by recording an "affidavit of death of joint tenant," describing the property and the deceased tenant, with a death certificate attached, all of which is sworn to by the surviving joint tenant. This process avoids probate of the property, but may have some tax consequences which should be explored with an accountant at the time of recording the original deed. If the owners do not want full title to the property to pass to the survivor, then joint tenancy should not be used. Joint tenancy (as well as any other common ownership) between a parent and a minor child should be avoided since the property cannot be transferred in the future without the parent becoming appointed a guardian of the child's estate by court order, and the property and the proceeds therefrom will be under court control until the child is 18. In community property states, some courts have found that joint tenancy presumes that the property is not community property (which could result in loss of estate tax limitation on the death of the first spouse to die), but proof of community interests can be established. A bank account held in joint tenancy also presumes a right of survivorship, but this presumption can be overcome by evidence that the account was really the property of only one, and the joint tenancy was for convenience.
Law dictionary. EdwART. 2013.
