Understanding Joint Tenancy
Joint tenancy implies that two or more individuals hold equal ownership rights in a property. Key features include the right of survivorship, meaning if one tenant dies, their share automatically goes to the surviving tenant(s). This legal structure ensures that property ownership passes seamlessly without probate, which can be a major advantage. However, it also means that one tenant cannot unilaterally sell or modify the property without the other's consent. Understanding these aspects is crucial for navigating joint ownership scenarios effectively.
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