Mortgage Glossary
Joint Tenancy
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Joint tenancy is a form of co-ownership in which two or more owners hold equal shares with a right of survivorship.
What Joint Tenancy means
When one owner dies, their share passes automatically to the survivors, bypassing probate. It's common among married couples and family members buying together.
Florida example
A Florida couple takes title as joint tenants so that if one passes, the other becomes sole owner without a court process. This differs from tenancy in common, where a share passes to heirs instead.
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