What is the joint tenancy property law?

Answer by  WadeLaw (37)

Joint tenancy is a type of ownership in which more than one person co-owns an undivided (cannot be divisible by any physical means) interest in a property. In some states, joint tenancy comes with a right of survivorship in which the deceased person's interest automatically passed the surviving co-owner. In other states, this right must be in writing.

Answer by  nekturk (139)

Joint tenancy is a form of property ownership reserved solely for married couples. In this situation, neither spouse can sell their share of the property without the consent of the other and the right of survivorship is attached to the property, meaning that if one spouse dies, the other automatically takes full ownership.

Answer by  Jodie (551)

Joint tenancy is a form of ownership. It means there are more than one owner. If one owner dies, the other owner is named beneficiary. ;

Answer by  tnnair (186)

Property made by more than one or two people together is called joint tenancy property. The profit will be distributed based on the proportionate contribution. If one person dies, his share will automatically goes to other party in case the decease has no legally wedded spouse or children.

Answer by  SandyG (807)

Joint tenancy is a type of ownership between two people. The law may vary in detail between states. Basically if one owner dies, the other owner now owns the whole property.

Answer by  Duncan (1124)

A joint tenancy is simply where two or more people own a single piece of property. Each person has an undivided share of the whole, meaning they each have a right to the property while they are alive. It is common for husbands and wives to have a joint tenancy on their home.