Written by:
Image
Paul Tracy

Paul has been a respected figure in the financial markets for more than two decades.

Prior to starting InvestingAnswers, Paul founded and managed one of the most influential investment research firms in America, with more than 2 million monthly readers. While there, Paul authored and edited thousands of financial research briefs, was published on Nasdaq. com, Yahoo Finance, and dozens of other prominent media outlets, and appeared as a guest expert at prominent radio shows and i...

View all posts
Updated August 5, 2020

What is Joint Tenancy?

Joint tenancy is an arrangement in which two or more individuals occupy a property. Participating tenants each share equally in the rights and responsibilities related to the property.

How Does Joint Tenancy Work?

If multiple individuals rent or purchase a property for work or living, each tenant carries joint and several liability in connection with the property. This means that each tenant potentially carries full responsibility for the property in the absence of his or her cohabitants.

For example, suppose two friends, Bob and Jack, rent an apartment together to reduce living expenses. As joint tenants, Bob and Jack are each responsible for paying rent and applicable utilities for the apartment. If Jack leaves without notice and becomes unreachable, any lapse in payments falls solely on Bob.

Why Does Joint Tenancy Matter?

Under joint tenancy, all property rights and responsibilities transfer directly to the remaining tenants in the event that one of the tenants dies or becomes unavailable. If the joint tenants own the property, this transfer occurs without probate.

Ask an Expert about Joint Tenancy
At InvestingAnswers, all of our content is verified for accuracy by Paul Tracy and our team of certified financial experts. We pride ourselves on quality, research, and transparency, and we value your feedback. Below you'll find answers to some of the most common reader questions about Joint Tenancy.
Be the first to ask a question

If you have a question about Joint Tenancy, then please ask Paul.

Ask a question

Read this next

Don't Know a Financial Term?
Search our library of 4,000+ terms
 - profile
Ask an Expert about Joint Tenancy

By submitting this form you agree with our Privacy Policy

Share
close