What is Joint Tenancy in Retail? Explained

Joint tenancy is a legal arrangement in property ownership where two or more individuals co-own a property with equal rights. With the "right of survivorship," if one owner passes away, their share automatically transfers to the surviving joint tenants, bypassing the probate process. This form of ownership streamlines property transfer and is commonly employed in real estate transactions, offering a straightforward method to ensure seamless transitions and minimize legal complexities in the event of an owner's death.