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Understanding: Co-Ownership & Taking Title
Joint Tenants with the Right of Survivorship
Joint tenancy with right of survivorship is a form of co-ownership in which all tenants have an equal right in the property.
If two people are living in a condominium as joint tenants with the right of survivorship, each owner owns 1/2 of the property, with a right to use the whole property. The “right of survivorship” language affords survivorship rights in the event of the death of one owner. Should one of those 2 owners die, his or her interest transfers to the remaining joint tenant, as opposed that owner’s children or other heirs.
In other words, the interest of the deceased owner automatically gets transferred to the surviving owner and the deceased owner’s heirs would not have any interest in the property.
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