Joint Tenancy

What is joint tenancy?

Joint tenancy simply means that two or more owners have equal interests in a property. This might be between family members, friends, business partners, or others. To create a joint tenancy, all owners must:

• Have equal ownership shares
• Become owners at the same time
• Be named on the same property deed
• Have equal rights to use the property

Once established, joint tenancies create a right of survivorship. This means that when one joint tenant dies, their share passes to the remaining joint owners without the need for probate court oversight. 

FAQs

What’s the difference between joint tenancy and tenants in common? 

Joint tenancy requires equal ownership shares and property rights. When an owner dies, their share automatically passes to surviving owners. In comparison, tenants in common can have different ownership shares, acquire rights at different times, and transfer their interests to whoever they’d like (not just the other owners). 

What’s the disadvantage of joint tenancy ownership?

This depends on your circumstances, but generally, one of the main disadvantages is that all joint tenants must agree on property decisions, from renovations to sales. You also can’t control who gets your share after death with a joint tenancy arrangement, which may not align with your estate planning goals. 

Should I avoid joint ownership?

There’s no single answer, but joint tenancy generally works best when you trust your co-owners and want your shares to pass to them. If you prefer more control over your ownership interest or want it to go to specific heirs, you might create a will or living trust to have more flexibility. 

Can a person move into my jointly owned home without my permission? 

Not everyone can just move into a jointly owned home, but joint tenants can certainly move in without permission. Since all owners have equal rights to the property—including the right to live in it—they can legally move in without getting permission from other owners.