what is joint tenancy 
the term joint tenancy refers to a legal arrangement in which two or more people own a property together each with equal rights and obligations joint tenancies can be created by married and non married couples friends relatives and business associates this legal relationship creates what is known as a right of survivorship so if one owner dies their interest in the property is directly passed on to the surviving party or parties without having to go through probate or court system investopedia zoe hansen