An ownership of property arrangement by two or more parties. If a joint tenant dies, his or her interest does not necessarily pass on to an heir. Instead, the ownership of the property is shared by the remaining, surviving joint tenants. In states where this is an acceptable form of ownership, this avoids probate problems. Compare with Tenants in Common, Community Property or Tenants by Entirety. Note, however, that the co-owners have divided ownership of the property and can sell such ownership shares; but such a sale would keep the joint tenancy between the remaining original joint tenants. The new co-owner would have a tenants in common relationship with the remaining original co-owners. For more information, see the "Spousal and Co-ownership Rights" article in the "Real Estate In-Depth" section.
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