Daily Real Estate Vocab #15 - Joint Tenancy

Daily Real Estate Vocab is here! Today we discuss the term: Joint Tenancy Joint Tenancy is when a parcel of real estate is owned by two or more tenants. With a right of survivorship. The property can be commercial or residential. When a joint tenant dies, the interest in the property of the deceased tenant passes to the remaining survivor. Now to create a joint tenancy, the co-owners must share "four unities": Time – the co-owners must acquire the property at the same time. Title – the co-owners must have the same title to the property. If a condition applies to one owner and not another, there is no unity of title. Interest – each co-owner owns an equal share of the property; for example, if three co-owners are on the deed, then each co-owner owns a one-third interest in the property regardless of the amount each co-owner contributed to the purchase price. Possession – the co-owners must have an equal right to possess the whole property. For more vocab terms check out our ultimate guide here: https://realestatelicensewizard.com/real-estate-terms/ #realestate #realestateexam #realestatevocab -=-=-=-=-