Definition - What does Joint Tenants mean?
The term joint tenants can be defined as two or more persons jointly having an ownership of personal or real property where each individual has an undivided interest in whole. If the joint tenants agree to sell the property then proceeds of the sale must be equally divided.
Justipedia explains Joint Tenants
Under state laws, joint tenants have the equal rights and ownership of the property. They are equally entitled to dispose off or keep the property. In a case where either one of the tenant dies, the right of ownership is transferred to the other person.
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