What Is A Joint Tenancy, And How Can It Be Terminated?

Written By:

Post Publish Date -Updated::

A Joint Tenancy is a part of real estate law and property ownership. There are specific aspects of a Joint Tenancy that need to be understood.

A Joint Tenancy is where two or more people equally join and hold obligations to a property. An aspect of a Joint Tenancy is the right of survivorship. If you would like to terminate your Joint Tenancy, there are several steps you must take to terminate your Joint Tenancy.

Table of Contents

Table of Contents

What Is A Joint Tenancy?

A Joint Tenancy is a legal arrangement in which more than one person jointly owns a property. One of the main aspects of a Joint Tenancy is that the people in the Joint Tenancy have equal rights and obligations.

A Joint Tenancy can be formed with about anyone. It can be between a married couple, a non-married couple, friends, family, or business associates. Any two people can agree to form a joint tenancy property agreement.

But like many other things in real estate and property ownership, some specific things have to do with a joint tenancy agreement.

Specific Aspects Of A Joint Tenancy Agreement

Here are some of the specific aspects that have to do with ownership in a joint tenancy agreement:

How To Terminate A Joint Tenancy Agreement

A Joint Tenancy agreement can be unilaterally severed without the knowledge or consent of the other joint tenants. But a few things will happen when you sever or terminate a joint tenancy agreement.

Here are some of the ways that Joint Tenancy Agreements Can Be Terminated:

The rules for a Joint Tenancy and, in particular, the use of a strawman can differ from state to state. Many states now allow a joint tenant to transfer their interest to themselves.

But as with many types of real estate, Joint Tenancy laws and the termination of a joint tenancy can be pretty complicated. That is why we highly recommend hiring a lawyer in the state and area of the joint tenancy property if you want to sever a joint tenancy agreement.

One of the reasons why somebody may want to terminate their Joint Tenancy agreement is because the joint tenancy agreement automatically has the right of survivorship, which states your shares in the property when you die will go to the surviving members of the joint tenancy.

You may be in a Joint Tenancy agreement where you want to ensure that your heirs will be able to benefit from your property ownership in the joint Tenancy. If that is the case, you will probably want to consider changing your joint tenancy agreement to a Tenancy in Common.

As Joint Tenancy and Tenancy In Common and other aspects of this law can be pretty complicated, I recommend contacting a lawyer experienced in this type of real estate law to help you with your legal needs.

Real Estate Crunch gives you real property and real estate information and advice. We offer a free monthly newsletter; you can sign up for our newsletter by clicking here.

We also have a weekly podcast called “Real Estate Crunch,” found on all major podcast platforms. Listen to our podcast by clicking here.

Follow us on our social media platforms – Facebook and Instagram.

Can You Take The Real Estate Exam Without Taking Any Classes?

Most states require that you show that you have taken a certain number of classes and completed them before you are allowed to sit for the exam. Each state has different requirements for what is required for you to sit the real estate exam and obtain your license.

By clicking here, you can read more about Can You Take The Real Estate Exam Without Taking Any Classes?

Do Real Estate Agents Get Paid If They Do Not Sell?

Real Estate agents usually get paid on a commission base; they close on the sale of the property, and then they get paid. Some newer payment models have emerged where agents may get a salary instead of taking less commission. Most of the commissions an agent earns will be split between the listing agent, listing broker, buyer’s agent, and buyer’s broker.

By clicking here, you can read more about Do Real Estate Agents Get Paid If They Do Not Sell?

Anita Hummel
Follow Me

Share Our Blogs On Social Media