Which best description of joint tenancy is best? Two or more people own a property equally or two or more people in the same family own a property equally

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Deacon

Business

1 July, 19:14

Which best description of joint tenancy is best? Two or more people own a property equally or two or more people in the same family own a property equally

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Answers (2)

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Alexzander Wilkins · Answer 1

Answer: Two or more people own a property equally.

Explanation: A joint tenancy is when two or more people own a property equally, this two or more people can be friends, relatives or roommates as applied in a school setting who share the tenancy of a property equally. Both people sharing the tenancy split all bills associated with the property from rent to utility bills like electricity, water and all associated bill to the shared tenancy property equally amongst all involved partied.

Kendrick Prince · Answer 2

Two or more people own a property equally

Explanation:

This persons who equally own a property may not necessarily be a family member, and the property may be a business, brokerage accounts or a real estate (a single home).

In most cases however, this Joint tenancy is made between married couples, wherein both parties equally own a property and share in the responsibilities of that property. Ownership is transferred to the other remaining members of the agreement automatically if one party dies.