What is joint tenancy?

Joint tenancy is a form of co-ownership in which two or more people hold equal, undivided shares of a property simultaneously. The defining feature of joint tenancy is the right of survivorship — if one owner dies, their interest automatically passes to the surviving owner or owners, bypassing the normal probate process. To create a joint tenancy, all owners must acquire their interest at the same time, through the same deed, with equal shares.

Joint tenancy is commonly used by married couples and long-term partners purchasing property together, and it can be a straightforward estate planning tool. Buyers in the Western Catskills purchasing second homes or family retreats in Delaware, Ulster, Greene, or Otsego counties as joint tenants should understand that this arrangement means neither owner can unilaterally sell or mortgage the property without the other's consent. It also means that the property will not go through probate at the death of the first owner — which can simplify things considerably for surviving family members.