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What does joint tenants mean on a warranty deed?

Joint tenancy is a form of co-ownership where two or more individuals share equal ownership rights to a property. Each owner has an undivided interest in the property, and if one owner passes away, their share automatically transfers to the surviving owner(s).

What is a property owned by both spouses called?

The community is you and your spouse. The property belongs to you both equally. Community property is: Anything you earned while married. Anything you bought with money you earned while married.

What is the point of joint tenancy?

Joint tenancy differs from other forms of ownership, such as tenancy in common, in that it includes the right of survivorship. This means that upon the death of one joint tenant, their interest in the property automatically passes to the surviving joint tenants.

What are the rules for joint tenancy in Massachusetts?

Joint Tenants When one joint tenant dies, the surviving joint tenant automatically owns the entire property. This is said to be a right of survivorship. A deed to two or more people must specify that they hold the property as joint tenants to create a joint tenancy.

What is a disadvantage of joint tenancy ownership?

Joint tenancy means equal ownership and equal responsibilities among co-owners. The right of survivorship allows a surviving tenant to inherit the property automatically after another tenants death. Joint tenancy differs from a tenancy in common, where a deceased tenants share goes to their heirs.