Joint Tenancy
Joint tenancy is when two or more people own equal shares of the same piece of property. Joint tenancy is a legal definition that can be used for real estate, property or money. The owners are referred to as joint tenants, and each individual has the right to keep or dispose of the property that is owned via the joint tenancy. Because joint tenancy creates a right of survivorship when one of the owners or partners dies, the rights pass on to the surviving owner. An example of joint tenancy is when two buyers contribute equally to the purchase of a home or apartment. Both of the owners have the same rights to the property, and this approach is often used by investors who decide to lease their property. Both investors split the profits, but when one of the original partners dies, the property is passed along to the survivor.