What is joint tenancy?

Joint tenancy is a type of ownership between two or more individuals in property law. Joint tenancy is defined as when two or more people, known as joint tenants, share ownership of a piece of property. All the joint tenants own equal shares of the property. In Kansas, joint tenancy is common in both real and personal property, such as bank accounts and cars. Generally, all joint tenants have an equal right to use the property, and if one of the joint tenants dies, the surviving joint tenant will take full ownership of the property. Those who own the property in joint tenancy are also known as co-owners and they are responsible for paying the taxes and bills associated with the property. It is important to note that in Kansas, joint tenancy can only exist if the co-owners own the entire property together; it cannot be split into parts. If one of the co-owners dies, then their share of the property will automatically pass to the surviving joint tenant.

Related FAQs

What are the different types of mortgages?
What is a subordination agreement?
What is a deed of quitclaim?
What is a lease?
What is a deed of gift?
What is an alienation clause?
What is the difference between a license and an easement?
What is an equitable servitude?
What is the Uniform Fraudulent Transfer Act?
What is an estoppel?

What is joint tenancy?

Related FAQs

Related Blog Posts