TeachMeFinance.com - explain joint tenancy
joint tenancy -- a form of ownership by two or more parties who share equal rights in and control of property, with the survivor or survivors continuing to hold all such rights on the death of one or more of the tenants. Joint tenancy is a common form of ownership when two or more persons jointly open a savings account.
joint tenancy --Where land is held by two or more individuals and not by one only, at the same time, and no direction has been given in the instrument creating the tenancy that the same shall be held by the beneficiaries as tenants in common, a joint tenancy is created, and the tenants have an equal interest or right in the whole of the property. The most peculiar and the most important point connected with this species of tenancy is the right of survivorship, by which the share of any deceased tenant vests in the survivors, and if there is but one survivor then in that survivor alone. A joint tenant cannot devise his interest by will, but he can convey his share to another. This newly introduced person, however, becomes a tenant in common and not a joint tenant. Again, if one joint tenant purchases the interests of all the other joint tenants, he puts an end to the joint tenancy by reason of the sole tenancy which has become vested in him. Such a purchase is effected by a release and not by a conveyance, because each joint tenant is already equally possessed of the whole property.
About the author
Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.