Joint Tenancy Legal Meaning and Definition
Here is a simplified definition of the legal term Joint Tenancy.
Joint Tenancy (noun): This is a way for two or more people to share ownership of property or an estate. In a joint tenancy, each person owns an equal part of the property and has the right to use all or a portion of it. What makes joint tenants unique is the "right of survivorship". This means if one of the joint tenants passes away, their share of the property automatically goes to the surviving joint tenant(s). Consequently, they get full ownership or title of the property. The right of survivorship is a special feature that other forms of shared ownership, like tenants in common, do not have.