Mortgage Knowledge Base
Joint tenancy is a type of co-ownership arrangement in which two or more people own a property together and have equal ownership interests. With joint tenancy, all co-owners have the right to use and occupy the property, and can sell or transfer their ownership interest to another party with the consent of the other owners.
One of the key features of joint tenancy is the right of survivorship, which means that if one of the joint tenants dies, their ownership interest in the property passes to the surviving joint tenants. This allows the surviving joint tenants to continue to own and occupy the property without the need for probate or other legal proceedings.
Joint tenancy is an alternative arrangement to tenancy in common.
