Glossary - Joint Tenant/Joint Tenancy

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Joint Tenant/Joint Tenancy

A joint tenancy is a type of property ownership. It can be used for both real and personal property. In a joint tenancy, each joint tenant has an undivided, complete interest in the property. This means that each joint tenant has full rights to occupy or use the property in its entirety. A joint tenancy also includes a right of survivorship, so if one owner dies, the other takes a full and automatic ownership interest in the property. A joint tenancy is broken if one owner gives away or sells his or her interest. When this happens, the tenancy converts to a tenancy in common, thus eliminating the right of survivorship.