How does a joint tenancy differ from a tenancy in common?

Joint tenancy is distinct from tenancy in common primarily because it embodies the right of survivorship. In a joint tenancy, if one of the co-owners (joint tenants) passes away, their share automatically transfers to the surviving joint tenants, rather than being passed on according to a will or by intestate succession. This creates an immediate and guaranteed transfer of ownership to the remaining co-owners, ensuring that the property does not become part of the deceased's estate for probate purposes.

In contrast, with tenancy in common, if one owner dies, their portion of the property can be inherited by their heirs or designated beneficiaries, which can lead to the property being owned by multiple parties who may not have a shared interest in the property. This fundamental difference in ownership transfer upon death is key to understanding why the right of survivorship is a defining feature of joint tenancies.

While joint tenants can sell their shares, they must typically do so with the consent of the other tenants, and they don’t require a written agreement to establish this form of ownership like in some partnerships. Moreover, joint tenancy is not restricted to married couples; it can include any individuals who agree to the joint tenancy arrangement.