Joint tenancy is when two or more people purchase the property and each possesses an indivisible legal interest in the whole property
Property that is owned jointly belongs to each joint tenant equally.
Joint Tenancy – With the Right of Survivorship
The right of survivorship means that if one of the joint tenants dies, the other inherits ownership of the entire property automatically.
As a matter of estate planning, joint tenancy with the right of survivorship is advantageous because it avoids having to probate the property which is both time-consuming and expensive. It is almost always preferable to have the title transferred immediately and automatically to the remaining joint tenant.
