Joint tenancy

Joint tenancy in the sphere of Real Estate Law, this term in many legal systems details a situation which appears when two or more individuals are equal co-owners of a a real estate. For any dealings with the estate, a mutual written agreement is required. The unique aspect of joint tenancy is that as the joint tenancy owners decease, their ideal shares accrue to the other surviving co-owners so that, at the end of the day, the entire property is ownedby one person, where the right of survivorship applies.The joint tenancy requires the “four unities”: unity of interest (each joint tenant must have an equal interest including equality of duration and extent), unity of title (the interests must arise from the same ownership document – a title deed or a contract), unity of possession (each joint tenant must have an equal right to possess the entire property) and unity of time: the interests of the joint tenants must arise at the same moment.

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