A type of co-ownership of real property and the type most often chosen by married individuals. (Ohio no longer makes 'tenancy by the entireties' available).
It is most often referred to as Joint Tenancy With Right Of Survivorship. Unlike a tenancy in common, where co-owners may have unequal interests in a property, joint co-owners by definition share equally in the property and enjoy equal rights in the property, including the 'right of survivorship.'
Right of survivorship means that if one owner dies, that owner's interest in the property will pass to the surviving owner(s) by operation of law and without probate. The deceased owner's interest in the property cannot be inherited by his or her heirs. The last living owner then owns all the property, and when (s)he dies the property will be part of his or her estate.
It should be noted that in some circumstances, deceased owners debts may be satisfied by his or her portion of ownership now owned by the survivor(s). In other words, the deceased's liabilities can sometimes remain attached to the property.The creation of a joint tenancy must include "four unities."
- Time - co-owners must acquire the property at the same time.
- Title - co-owners must have the same title to the property. All conditions must apply to all owners.
- Interest - co-owners must share equal interest in the property.
- Possession - co-owners must share equal right to possess the whole property.
If any one element is missing, the joint tenancy may be ruled ineffective, and the joint tenancy defaults to tenancy in common in equal shares.
Contrast with ► tenancy by the entirety and ► tenancy in common.