A legal arrangement by which property is owned by more than one person. Co-ownership can take several forms, including tenancy in common, joint tenancy, community property, partnership, and limited liability company (LLC).
The possession of and holding of rights in a unit of property by two or more persons simultaneously. The term does not describe the estate, but the relationship between persons who share the property.
Joint Tenancy refers to the ownership of an asset by two or more persons, each with an undivided interest in the asset and the right of survivorship, which results in the entire value passing to the surviving tenants upon the death of one tenant.
The right of survivorship is a legal concept in property ownership that permits the surviving co-owner(s) to automatically inherit the property upon the death of a fellow co-owner. This principle is particularly applicable to joint tenancy and tenancy by the entirety.
Survivorship refers to the legal right of a joint tenant or tenants to obtain ownership rights following the death of another joint tenant. It prevents heirs of the deceased from making ownership claims against the property.
Tenancy refers to the right of possession or occupancy of real property, either through lease or title. It encompasses various forms of holding property, including landlord-tenant relationships and co-ownership arrangements.
