GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Joint Tenancy


Synonyms:holding home title, home owners, home ownership, property owners, residence proprietors
Filed Under: financial-banking, real-estate
Tags: banking, realty
 

Definition of joint tenancy

joint tenancy
1. Ownership by two people (usually spouses) in which each person owns an undivided interest in the entire property. When one joint tenant dies, the other has title to the entire property.

Related Terms and Acronyms:

  • alimony   Monthly payments received by an ex-spouse. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
  • common law marriage (CLM)   To be recognized as being married without foregoing a matrimonial ceremony.
  • community property (CP)   Possessions, real estate and profits that a husband and wife receive during the marriage, excluding gifts and inheritances. Upon divorce, community property is distributed equally.
  • jointly-owned property   A property held in the name of more than one person.
  • survivorship   The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
  • tenancy by the entirety (TBE)   An arrangement where spouses have an undivided interest in a property. If a spouse dies, the other retains ownership.
  • tenancy in common   Ownership by two or more people in which each person owns an undivided interest in the entire property and all have equal rights to use the property. When one tenant in common dies, that person's interest may be sold, mortgaged or transferred to another in a will.
  • tenure   The act, fact, or condition of holding something in one's possession such as real estate. A period during which something is held.

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