Joint Property

Joint property is that property which is owned jointly between two people. There are three main types of jointly owned property: (1) Tenants in Common; (2) Tenants by the Entirety; and (3) Joint Tenants with Rights of Survivorship. All three types have different attributes. If two people own property as Tenants in Common, this means that their heirs will inherit the property. Tenants by the Entirety is a special rule for married couples and states that when one spouse dies, the surviving spouse receives the benefit of the property. Joint Tenants with Rights of Survivorship also allow the other co-owners to inherit the property when one of the owners dies.