Choose a letter from the list below to view glossary definitions beginning with that letter.
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J
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Joint Ownership
Where a property is held by more than one person it is owned in one of two ways namely either as joint tenants or as tenants in common .If you choose joint tenancy then on the death of one joint owner the property automatically vests in the survivor. If you choose to hold the property as tenants in common then you will have to decide on the share each of the owners is to have.In cases of tenancy in common when one party dies the property is dealt with as determined in the will of the deceased and does not automatically vest in the survivor.
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