Real Estate Glossary
This glossary was created by a team of real estate professionals. It contains terms regarding real estate buying and selling, home finance, home improvement, as well as legal terms. For your convenience, the glossary is searchable alphabetically.
A way for two or more people to share ownership of real estate or other property.
When two or more people own property as joint tenants and one owner dies, the
other owners automatically own the deceased owner's share. For example, if a parent
and child own a house as joint tenants and the parent dies, the child automatically
becomes full owner. Because of this right of survivorship, no will is required
to transfer the property; it goes directly to the surviving joint tenants without
the delay and costs of probate. Contrast with tenancy in common.
The official and authentic decision of a court of justice concerning the respective
rights and claims of the parties to an action or suit