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

The distinction between joint tenancy and tenancy in common is critical in property law, particularly concerning ownership rights and the implications of death on property interests.

In joint tenancy, a key feature is the right of survivorship. This means that when one tenant in a joint tenancy dies, their share of the property automatically passes to the surviving joint tenants, rather than being inherited by the deceased tenant's heirs. This right of survivorship creates a seamless transfer of ownership and ensures that the remaining owners retain full control over the property without the complications of probate.

In contrast, tenancy in common allows for individual shares of property to be owned independently. If one co-owner passes away, their share can be inherited by their heirs according to their will or the laws of intestacy, rather than passing to the other tenants. This means that, while multiple parties can share ownership in both forms of tenancy, the implications of death and inheritance differ significantly.

Understanding these differences is crucial for property owners when deciding how to hold title to real estate, as each form of ownership has different legal and financial ramifications.