Joint Tenancy refers to the ownership of property by two or more individuals who collectively hold an undivided interest in the real estate, alongside the right of survivorship. This arrangement ensures that when one joint tenant passes away, their interest in the property automatically transfers to the surviving joint tenant(s).
The Right of Survivorship is a legal provision whereby property co-owners hold the right to automatically inherit the interest of a deceased co-owner. This provision is prominently featured in Joint Tenancy and Tenancy by the Entirety arrangements, facilitating smoother transfer of property ownership upon death without the need for probate.
Tenancy by the Entirety is a form of joint property ownership reserved strictly for married couples, ensuring equal possession and incorporating the right of survivorship. Upon the death of one spouse, full ownership seamlessly transfers to the surviving spouse, offering protection from individual creditors.
Tenancy in Common (TIC) represents a form of ownership in real estate where two or more individuals hold an undivided interest in the entire property, without Right of Survivorship, enabling them to independently convey their respective shares.
