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Term of the Day: Joint Tenancy (With Rights Of Survivorship)
Joint Tenancy (With Rights Of Survivorship)two or more owners share equal ownership and rights to the property. If a joint owner dies, his or her share of the property passes to the other owners, without probate. In joint tenancy, ownership of the property cannot be willed to someone who is not a joint owner.
Source: U.S. Department of Housing and Urban Development
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