Tennant form for updating personal information
(See: community property, title) concurrent ownership of land (or other property) by two or more persons having identical interests with the quality of survivorship (i.e.
if one co-owner dies the property automatically vests in the surviving joint tenant(s)).
Under the right of survivorship, the death of one joint tenant automatically transfers the remainder of the property in equal parts to the survivors.
When only one joint tenant is left alive, he or she receives the entire estate.
Four main features mark this type of ownership: (1) The joint tenants own an undivided interest in the property as a whole; each share is equal, and no one joint tenant can ever have a larger share.
(4) The joint tenants all enjoy the same rights until one of them dies.If one joint tenant decides to convey her or his interest in the property to a new owner, the joint tenancy is broken and the new owner has a tenancy in common.Tenancy in common is a form of concurrent ownership that can be created by deed, will, or operation of law.Tenancy by the entirety is a form of joint tenancy that is available only to a Husband and Wife. As a form of joint tenancy that also creates a right of survivorship, it allows the property to pass automatically to the surviving spouse when a spouse dies.In addition, tenancy by the entirety protects a spouse's interest in the property from the other spouse's creditors.