Legal definition of joint tenancy
Commercial Real Estate Legal Terminology

joint tenancy

1
an ownership of a parcel of real property by more then one person. In most states the language of the deed must specifically state that the title is held by joint tenants.
To create a valid joint tenancy all joint tenants have to obtain their interest at the same time and by the same deed; all joint tenants have to have equal ownership interest in the property; all joint tenants have an undivided interest in the property.
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