Real Property
A form of co-ownership where two or more people hold equal shares with the right of survivorship.
In joint tenancy, all owners hold equal, undivided interests. The defining characteristic is the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants, bypassing probate. Joint tenancy requires four unities: Time, Title, Interest, and Possession. In New York, the default for co-ownership between non-spouses is tenancy in common — joint tenancy must be explicitly stated.
Exam Tip
If a joint tenant dies, their share goes to the other joint tenants. NOT to their heirs. A joint tenant CAN sell their interest, but doing so severs the joint tenancy.
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Real Property
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