Joint tenancy is a form of property ownership where two or more people own a property together. The key characteristic that sets it apart from other forms of ownership is the right of survivorship. This means that when one joint tenant dies, their interest in the property automatically passes to the surviving joint tenants.
To create a joint tenancy, four unities must be present:
Unity of Time: All joint tenants must acquire their interest at the same time.
Unity of Title: All joint tenants must acquire their interest from the same source.
Unity of Interest: All joint tenants must have an equal interest in the property.
Unity of Possession: All joint tenants must have the right to possess the entire property.
Would you like to learn more about Real Estate? Have you ever wanted to become a New Jersey Real Estate Salesperson License holder? Want to know more about being a New Jersey Licensed Real Estate Agent? Click on the link for the schedule of our upcoming classes for Real Estate: tocrres.com
Comments