Definition - What does Joint Tenancy mean?
Joint tenancy is when two or more people have co-ownership of a piece of property. In joint tenancy scenarios, each tenant has equal responsibilities and rights regarding the property. If one of the tenants dies, then his or her share of the property automatically goes to the remaining tenant or tenants.
Justipedia explains Joint Tenancy
An example of joint tenancy would be four friends who decide to purchase an old bed and breakfast together in order to restore it and use it as a business. Under joint tenancy laws, each of the four friends would be a legal owner of the property. That means that each person would have equal responsibilities for obligations such as property taxes, etc. If one of the tenants died during the ownership period, then his or her share would be evenly divided amongst the remaining tenants.