Joint Tenancy Definition With Real Estate
Description
How to fill out Agreement By Unmarried Individuals To Purchase And Hold Residence As Joint Tenants?
The Joint Tenancy Explanation With Real Property displayed on this page is a reusable formal framework crafted by experienced attorneys in accordance with federal and state laws.
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FAQ
Joint tenancy is a legal term for an arrangement that defines the ownership interests and rights among two or more co-owners of real property. In a joint tenancy, two or more people own property together, each with equal rights and responsibilities.
The four unities can be thought of as four requirements that need to exist simultaneously for a true joint tenancy estate to be created. Those four requirements are interest, time, title, and possession.
Generally, to establish a joint tenancy a fourfold unity must exist: interest, title, time, and possession. Joint tenants have the same interest, acquired by the same conveyance, commencing at the same time, and held by the same possession.
Depending on the jurisdiction, the following phrases will create a joint tenancy: "As joint tenants" "As joint tenants with rights of survivorship" "As joint tenants with rights of survivorship and not as tenants in common" "As husband and wife" (unless otherwise stated).
All joint tenants must derive their interest from the same document or via the same act. Each joint tenant has legal possession over the whole of the land. One of the co-owners is not entitled to exclusive possession of any part of the land. Each co-owner has the same interest in the land (an undivided equal interest).