A joint tenancy is a legal property arrangement among multiple individuals, where each has equal and undivided ownership. Joint tenancies are defined by the right of survivorship, allowing property to pass automatically to surviving tenants upon one tenant's death. For a joint tenancy to be valid, four unities must be present: Unity of Title, Time, Interest, and Possession. Selling shares can sever the joint tenancy, changing it to a tenancy in common, with significant implications for ownership and inheritance rights.
A joint tenancy is a legal arrangement where two or more individuals own property together, with each owner having an equal and undivided interest in the entire property. The defining characteristic of a joint tenancy is the 'right of survivorship.' This means that upon the death of one joint tenant, their share of the property automatically passes to the surviving joint tenant(s), bypassing the probate process and any provisions in a will.
For a joint tenancy to be validly formed, four unities must be present: Unity of Title, Unity of Time, Unity of Interest, and Unity of Possession. If any of these unities are absent, the joint tenancy may be severed and converted into a tenancy in common.
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