Joint Tenancy Definition With Right Of Survivorship In Franklin
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FAQ
Joint tenancy is a form of property ownership that is important for several reasons, primarily due to its unique characteristics and advantages. There are several different types of joint tenancy.
Joint tenants (JT), or joint tenants with rights of survivorship (JTWROS), are the forms of ownership most commonly used by married couples. In general this means that both parties own 100% of the property and there is no divided interest as there is with TIC.
(1) “TEN COM” means tenants in common. (2) “TEN ENT” means tenants by the entireties. (3) “JT TEN” or “JT” means joint tenants with the right of survivorship and not as tenants in common.
In most cases, you'll enter what's called a joint tenants with right of survivorship agreement. Known by its acronym, JTWROS, this agreement spells out the legal rights of all owners of a property and outlines what happens if one of the owners dies or wants to sell the home.
Joint Tenancy with Right of Survivorship (JTWROS)
