Joint tenancy is the method of owning property by two or more persons. When people own property as joint tenants and one of the owners dies, the surviving owner automatically becomes the sole owner of the property. It is not necessary for there to be a probate to transfer ownership. Ownership by joint tenancy is superior to any gift under a will.
A joint tenancy is created in the deed that transfers title to the owner(s) of the real estate. An owner can add another party as a joint tenant by deed. An attorney should be consulted to make sure a deed is prepared correctly. A mistake in preparing a deed can result in parties owning real estate as tenants in common rather than joint tenants which can make a big difference in ownership rights.