Joint tenancy is a type of property ownership where two or more co-owners share equal ownership. In some cases, one owner might have a situation where they need to leave the joint tenancy arrangement. The ability to do so depends on the terms of the agreement and the consent of the other co-owners.
To establish joint tenancy, regardless of how many co-owners, there are four conditions, or “unities,” that must be met.
Joint tenancy is when co-owners hold equal and undivided interest in a real estate property. All co-owners have equal rights to possess and use the entire property. For example, if there are three tenants, each would hold one-third interest.
In joint tenancy, there is a right of survivorship. If one joint tenant passes away, their share automatically transfers to the surviving joint tenants and not to an heir. Joint tenancy differs from Tenancy in Common, where two or more individuals hold ownership rights to a property, but their shares can be unequal. In addition, there is no right of survivorship and each tenant can freely sell or transfer their share without the consent of the other co-owners.
In most cases, if one party wants to leave or amend the joint tenancy arrangement, all joint tenants must consent to the changes. The requirements to sever an arrangement vary by location, but some options might include: