Joint Tenancy

An equal undivided ownership interest of a property by two or more natural persons that is created by a single transfer document. Upon the death of a joint tenant the surviving joint tenants take the entire decedent’s share of the property so nothing passes to the heirs of the deceased.

Tenancy in Common

The co-ownership of property by two or more persons whose interests need not be equal and who each hold an undivided interest in the entire property and without the right of survivorship. Upon the death of an owner, they may decide who receives their share of the property. i.e. they can pass on to their heirs.