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What Is a Joint tenancy? Definition, Uses and Importance.

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A way to title (own) property where each person (tenant) owns an undivided interest. When one tenant dies, his or her interest passes to the survivor.

A form of joint property ownership in which each owner has an equal but separate stake in the property. Because of the right of survivorship created by this kind of ownership, when one owner passes away, the remaining owners take over his or her property. As an illustration, if A and B own a house as joint tenants, they each enjoy full ownership and usage rights to the entire property. Because of the right of survivorship, if A dies, B acquires exclusive ownership of the house.

Courts prefer to find a property owned by a tenancy in common rather than a joint tenancy.

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