In real estate law, Joint Tenancy is a form of co ownership in which two or more persons hold equal, undivided interests in the same property. The interests are created by the same conveyance, begin at the same time, and carry equal rights of possession.
A defining feature of joint tenancy is the right of survivorship. When one joint tenant dies, that tenant’s interest automatically passes to the surviving joint tenants rather than to the deceased’s heirs. Because of this feature, joint tenancy is often used as an estate planning tool but can limit the ability to transfer interests independently.
