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 rights and responsibilities regarding the property.
If the joint tenants agree to sell the property, then proceeds of the sale must be equally divided. If one of the tenants dies, then their 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 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. This means that each person would have equal responsibilities for obligations such as property taxes and so forth. If one of the tenants died during the ownership period, then their share would be evenly divided among the remaining tenants.