joint tenancy

joint tenancy
joint tenancy see tenancy

Merriam-Webster’s Dictionary of Law. . 1996.

joint tenancy
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. . 2001.

joint tenancy
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 common
Category: Real Estate & Rental Property → Buying a House
Category: Wills, Trusts & Estates → Living Trusts & Avoiding Probate

Nolo’s Plain-English Law Dictionary. . 2009.

joint tenancy
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
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
   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. . 2013.

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Look at other dictionaries:

  • Joint tenancy — Joint Joint (joint), a. [F., p. p. of joindre. See {Join}.] [1913 Webster] 1. Joined; united; combined; concerted; as, joint action. [1913 Webster] 2. Involving the united activity of two or more; done or produced by two or more working together …   The Collaborative International Dictionary of English

  • joint tenancy — UK US noun [U] LAW, PROPERTY ► a legal agreement in which two or more people or groups together own a piece of property, and in which all of the property passes automatically to one owner if the others die → Compare TENANCY IN COMMON(Cf. ↑tenancy …   Financial and business terms

  • joint tenancy — n. ownership of property by two or more persons, each having an undivided interest in the entire property and SURVIVORSHIP (sense 2) joint tenant n …   English World dictionary

  • joint tenancy — Real property owned by two or more persons each of which has an undivided interest in the whole as well as a right of survivorship (SA A lien obtained by judgment, levy, sequestration, or other legal or equitable process or… …   Glossary of Bankruptcy

  • Joint Tenancy — A type of property right where two or more people own or rent a property together, each with equal rights and obligations, until one owner dies. Upon an owner s death, that owner s interest in the property passes to the survivors without the… …   Investment dictionary

  • joint tenancy — noun : one of several forms of tenure in which two or more persons hold in concurrent ownership the same estate in realty or personalty and agree that upon the death of one joint tenant the full title to the estate remains in the surviving joint… …   Useful english dictionary

  • joint tenancy — Law. a holding of property, either real or personal, by two or more persons with each sharing the undivided interest, the entire tenancy passing to the survivor or survivors. Cf. tenancy in common. * * * …   Universalium

  • joint tenancy — An estate held by two or more persons jointly, with equal rights to share in its enjoyment during their lives, and having as its distinguishing feature the right of survivorship, or jus accrescendi, by virtue of which the entire estate, upon the… …   Ballentine's law dictionary

  • tenancy — ten·an·cy / te nən sē/ n pl cies 1: the holding of or a mode of holding an estate in property: a: a form of ownership of property: tenure b: the temporary possession or occupancy of property that belongs to another holdover tenancy …   Law dictionary

  • joint — adj 1: common to two or more: as a: involving the combined activity or negligence of two or more a joint tort see also joint tortfeasor compare several b …   Law dictionary

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