Joint Tenancy
Joint Tenancy, a form of property ownership. (Tenancy, in this instance, does not signify renting or leasing.) In joint tenancy, real or personal property (including bank accounts) is held under a single title by two or more persons. Each owner, or joint tenant, shares equally in possession and use. On the death of a tenant his or her share in the property is divided among the surviving tenants by right of survivorship. The heir of a deceased joint tenant has no claim on the property.
Joint tenancy differs from tenancy in common, in which two or more persons own equal or unequal interest in the same property under separate titles, and have no survivorship rights.
Unless joint tenancy has been specified in a deed or will, a husband and wife, under the laws of many states, are tenants by the entirety. They have survivorship rights, and as long as both are alive the property cannot be sold or mortgaged without the consent of both.