When two or more persons own property together they hold the property as either:
joint tenants OR tenants in common. If Sarah and Jane own a piece of land as “joint tenants” it means they share equal ownership of the property and have an equal undivided right to keep or dispose of the property. When persons own property as “joint tenants” it means that when one owner dies his/her share in the property automatically goes to the other owners. This is called the right of survivorship.
Therefore, as joint tenants:
- you have equal rights to the whole property
- the property automatically goes to the other owners if you die
- you can’t pass on your ownership of the property in your will
Holding property as “tenants in common” is another type of ownership by two or more persons of the same property. To learn how “tenancy in common” is different from “joint tenancy” CLICK HERE.