What is joint tenancy?
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Joint tenancy is when individuals own equal shares in a property. Often, spouses hold property as joint tenants. All joint tenants must agree to a sale, to protect spouses from having their property sold without their knowledge. If a joint tenant dies, the other joint tenant automatically owns the entire property by reason of Survivorship.
A similar form of tenancy is called tenancy in the entirety, which gives each spouse an undivided half of the property. There is also tenancy in common, which allows unmarried partners or commercial partners to own unequal shares in a property. All of these types of ownership can become complicated, and the advice of a competent real estate attorney can be helpful to a real estate buyer.
If you would like to schedule a initial consultation contact an Iowa mortgage and foreclosure attorney, representing clients in Norwalk, Iowa at Howes & Anderson P.C. Give us a call at (515) 225-9000 or complete our inquiry form.