What is joint tenancy?
Joint tenancy is a form of ownership where two or more people own a property together, each holding an equal right to the whole property, often with a right of survivorship if one owner passes away.
Why does joint tenancy matter?
This ownership structure affects what happens to a unit if one owner dies or wants to sell their share, questions that matter to a board when title changes hands and membership records need updating.
When You’ll Run Into This
This distinction usually comes up during a title transfer or an estate matter, when the board needs to update its records to reflect exactly who holds ownership now.
Legal note: this is general information, not legal advice. Rules and requirements vary by state and by community, so it is worth checking with your association’s attorney to get an accurate answer for your specific situation.
