Business / Real Estate / Joint Tenancy: An estate or unit of interest in real estate that is owned by two or more natural persons with rights of survivorship. The basic idea of a joint tenancy is unity of ownership, title is held as though all owners collectively constituted one person, a fictitious entity. The death of one joint tenant does not destroy the owning unit--it only reduces by one the number of persons who jointly own the unit. The remaining joint tenants receive the deceased tenants interest by the right of survivorship. Thus, the decedents interest cannot be transferred by will or descent. As each successive joint tenant dies, the remaining tenants acquire the interest of the deceased. The last survivor takes title in severalty, fully inheritable at his or her death by heirs and devisees.
Joint Verb Synonyms: seam, union, juncture, connection, junction, intersection
Joint Noun Synonyms: roast
Business / Finance / Joint Venture: An agreement between two or more firms to undertake the same business strategy and plan of action. MORE
Business / Construction / Joint Trench: When the electric company and telephone company dig one trench and 'drop' both of their service lines in. MORE