Joint Tenancy

What is a joint tenancy? 

a joint tenancy refers to a legal arrangement involving two or more people who own a property together. Each person has equal rights and responsibilities regarding that property. This arrangement is typically seen with married couples, friends, family members, or business partners. 

What’s the difference between joint tenancy and tenancy in common? 

The main difference between joint tenancy and tenancy in common is what happens when one of the owners passes away. In joint tenancy, if one owner dies, their share automatically goes to the surviving owner(s). 

However, in tenancy in common, each owner's share can be passed on according to their will or inheritance laws, and it doesn't automatically go to the other owners. 

Can one joint tenant sell their share of the property? 

In a joint tenancy, each tenant has an equal interest in the property. However, they cannot unilaterally sell their share without the consent of the other joint tenants. Selling a share typically requires the agreement of all co-owners or a court order.