Joint tenancy
Shared ownership where each owner holds an equal share and, when one dies, the others automatically take over that share without probate. Some states also offer tenancy by the entirety or community property for married couples.
Also called: JTWROS, joint tenants with right of survivorship, right of survivorship
Related terms
A way for two or more people to own property together, each with a share that can be unequal. Each owner's share passes to their heirs, not automatically to the other owners.
The most complete form of ownership, where the owner holds the land and buildings with no time limit and can sell or pass them on. Most homes are owned this way.
The court process for settling a deceased person's estate, including selling real estate. Probate sales can take longer and may need court approval, depending on the state.
The legal right to own and use a property. Title is not a single document; it is shown by the deed and public records, and must be clear for a sale to close smoothly.