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A joint tenancy grant deed is a deed held by two or more parties that covers the right of survivorship of the deed holder. Creating a joint tenancy deed ensures that upon the death of one of the tenants, the share of that tenant's ownership of the property passes on to the surviving tenant.
In estate law, joint tenancy is a special form of ownership by two or more persons of the same property. The individuals, who are called joint tenants, share equal ownership of the property and have the equal, undivided right to keep or dispose of the property. Joint tenancy creates a Right of Survivorship.
Joint tenancy also differs from tenancy in common because when one joint tenant dies, the other remaining joint tenants inherit the deceased tenant's interest in the property. However, a joint tenancy does allow owners to sell their interests. If one owner sells, the tenancy is converted to a tenancy in common.
Joint tenancy is entered into by the joint tenants at the same time, usually through a deed. For example, let's say an unmarried couple purchases a house. ... The deed to the property will name the two owners as joint tenants. If one person dies, the other person will automatically become the full owner of the property.
When one joint owner (called a joint tenant, though it has nothing to do with renting) dies, the surviving owners automatically get the deceased owner's share of the joint tenancy property. This automatic transfer to the survivors is called the “right of survivorship.”
Each joint tenant has equal and undivided legal ownership of the property. The equal and undivided ownership gives the joint tenants each the legal right to dispose of or keep his share of ownership interest in the property while the joint tenancy is in effect.
A joint tenant's interest is alienable can be sold or transferable during lifetime. It is neither divisible nor descending.
Four main features mark this type of ownership: (1) The joint tenants own an undivided interest in the property as a whole; each share is equal, and no one joint tenant can ever have a larger share. ... Tenancy in common is a form of concurrent ownership that can be created by deed, will, or operation of law.
A joint tenant is said to hold the whole with other joint tenant(s) but nothing by himself. There is only one estate in property which is held jointly and, although the joint tenants between themselves may have distinct rights, to everyone else, they are regarded as a sole owner.
Any person with an existing or future interest in the property may bring the action for partition. This includes existing co-owners (joint tenants; tenants in common, etc.) as well as people with a future interest (remainder men to life estates.) ... They cannot seek partition.
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