Two or more persons who own property in common, with a right or survivorship, i.e. on the death of one owner, his or her interest automatically passes to the surviving owner(s). The interest cannot be disposed of by will or deed, unlike tenants in common (see below).
Two or more individuals receive title with each one receiving an equal ownership interest in the property. Upon the death of any joint tenant, his or her interest passes to the surviving joint tenant(s), with each surviving joint tenant receiving an equal share of the deceased joint tenant's interest.
The holding of land by two or more persons where there is a right of survivorship i.e. on the death of one joint owner, the land as a whole vests in the survivors and can only be disposed of by will by the last surviving owner.
People who own land jointly. The interests are not split between them - they are co-owners. If one owner dies, the other joint tenant/s automatically succeed to the interest that the deceased joint tenant held. This kind of ownership is most commonly used by married couples, who often prefer to own property as joint tenants. Where general land is owned by more than one person, it is deemed to be held by them jointly unless the title states otherwise.
This is when there are two or more purchasers to the one property and each purchaser owns an equal share in the property. Upon the death of one owner, their share automatically is transferred to the remaining owners.
The holding of property by two or more persons where if one dies that share passes to the survivors. Land Tax: Based on the property value, it is a State Government tax payable by the owners of the property. Exemptions may apply in some States.
Two or more persons who hold title to real estate jointly, with equal rights to share in its enjoyment during their respective lives with the provision that upon the death of a joint tenant, his share in property passes to the surviving tenants, and so on, until the full title is vested in the last survivor. A joint tenant cannot legally sell or encumber his interest without the consent or joinder of all of the other joint tenants.
A form of ownership frequently used by couples which ensures that when one dies, the property passes automatically to the other. The alternative is a Tenancy In Common. Key Facts Illustration (KFI) This document contains key mortgage information which is designed to help you compare the costs and features of different mortgages from one or more lenders. It is designed to make it easy to compare mortgages at a glance. Land Certificate A Land Registry certificate proving ownership of a property.
Persons who are co-owners of interests in the same land. At common law and in some states today, upon the death of a joint tenant, interest automatically passes to the surviving joint tenant(s). This survivorship feature, when it exists, is the principal distinction between a joint tenancy and a tenancy in common.
Two or more persons own a property. Joint tenants with the common law right of survivorship means the survivor inherits the property without reference to the decedent's will. Creditors may sue to have the property divided to settle claims against one of the owners. Compare, TENANTS IN COMMON, TENANTS BY THE ENTIRETY.
Two or more landowners who have been specifically named in one conveyance as joint tenants. Upon the death of a joint tenant, the surviving joint tenant or tenants receive the deceased tenant's interest by the right of survivorship, which is the important element of joint tenancy. Return to Top of Glossary
Two or more people who own a property together. The joint tenants do not own distinct shares in the property; if one of them dies, the others will continue to own the entire property. Only the last tenant to die can pass the property on in their will (see Tenants in Common)
People who own land together in undivided shares. On the death of one owner his or her interest automatically passes to the surviving owner(s). The interest cannot be disposed of by will or deed as with tenants in common (q.v.).
A form of ownership of property. In this form, parties have an equal undivided interest with a right of survivorship. The right of survivorship simply means that when an owner becomes deceased, their ownership passes to the survivor, regardless of any terms in a Will. This form of ownership is frequently used when family members (husband and wife) acquire property.
When land is owned by more than one person, the legal and beneficial interests in it are separate. The co-owners will hold the legal interest in property on trust. Their beneficial interests can then be held either as Tenants in Common or Joint Tenants. They are Joint Tenants when each owns the whole of the beneficial interest. This means that if one of them dies the other person will have an automatic right to the property.
An account with two owners. (1) "WROS": With Rights of Survivorship. In the event of the death of one party, the survivor receives total ownership. (2) "TIC": Tenants in Common: In the event of the death of one party, the survivor receives one half of the account, the other half goes to the deceased's estate.
Two or more persons to whom land is deeded in such manner that they have one and the same interest, accruing by one and the same conveyance, commencing at one and the same time, and held by one and the same undivided possession.