Joint Tenancy Definition In Real Estate In Franklin
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Joint tenancy is a type of joint ownership of property in the field of property law , where each owner has an undivided interest in the property. This type of ownership creates a right of survivorship , which means that when one owner dies, the other owners absorb the deceased owner's interest .
The key feature that distinguishes joint tenancy from other types of ownership rights is that the surviving joint tenant(s) acquires the shares held by another tenant upon their death.
Joint tenancy is most common among married couples because it helps property owners avoid probate. Without joint tenancy, a spouse would have to wait for their partner's Last Will to go through a legal review process—which can take months or even years.
In the context of joint tenancy, typically four unities are required for its valid creation: Unity of Possession, Unity of Interest, Unity of Time, and Unity of Title, collectively referred to as the 'four unities' in property law. However, one example of a 'unity' that is not required is the Unity of Marriage.
Historically, the common law required that in order for a joint tenancy to be created, the co-owners must share the “four unities” of (1) time – the property interest must be acquired by both tenants at the same time; (2) title - both tenants must have the same title to the property in the deed; (3) interest - both ...
