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Real Estate Glossary

Definitions of Common Real Estate Terms

Joint Tenancy

(1) An equal undivided ownership interest of a property by two or more natural persons each of whom has the right called the right of survivorship upon the death of one joint tenant to the automatic succession of the title of the deceased tenant.
(2) An estate owned by two or more parties in equal shares that is created by a single transfer document. Upon the death of a joint tenant, the surviving joint tenants take the entire decedent’s share of the property, so nothing passes to the heirs of the deceased.