Joint tenancy is a form of co-ownership where two or more individuals hold equal, undivided interests in a property with the right of survivorship. The right of survivorship is what distinguishes joint tenancy from tenancy in common — when one joint tenant dies, their interest automatically transfers to the surviving joint tenant(s) without going through probate. This transfer happens by operation of law, regardless of what the deceased's will says, making joint tenancy a simple and effective estate planning tool.
To create a valid joint tenancy, four conditions — known as the "four unities" — must be met simultaneously. Unity of time means all joint tenants must acquire their interests at the same time. Unity of title means all interests must be conveyed through the same deed. Unity of interest means all tenants must hold equal shares (e.g., two joint tenants each hold 50%, three each hold 33.3%). Unity of possession means all tenants have equal right to possess and use the entire property — no tenant can claim exclusive rights to a specific portion.
Joint tenancy is commonly used by married couples, domestic partners, and family members who want the surviving party to automatically inherit the property. For married couples in some states, tenancy by the entireties — a special form of joint tenancy available only to spouses — provides additional asset protection, as creditors of only one spouse generally cannot force the sale of property held as tenants by the entireties.
A joint tenancy can be "severed" — broken into a tenancy in common — by any one joint tenant without the consent of the others. This can happen through a sale or transfer of one tenant's interest, through a court order (such as in a divorce), or by mutual agreement. Once severed, the right of survivorship no longer applies, and each tenant's share passes to their heirs according to their will or state intestacy law.
At closing, the deed must specifically create the joint tenancy using precise language — such as "as joint tenants with right of survivorship and not as tenants in common." Imprecise language may create a tenancy in common by default, which would defeat the survivorship purpose. At Beycome Title, we confirm the buyer's desired vesting and ensure the deed language is legally correct. We recommend consulting with an estate planning attorney to determine which form of ownership best suits your situation. Get your free closing quote.