What is jointly held property?

Jointly held property refers to real or personal property that is owned by two or more individuals or entities. The key characteristics of this type of ownership include the ability to share rights and responsibilities of the property among the owners. Common forms of jointly held property include joint tenancy and tenancy in common.

In joint tenancy, all co-owners have equal rights to the property, and it features the right of survivorship, which means that if one owner dies, their interest in the property automatically passes to the surviving owners. On the other hand, tenants in common can own unequal shares of the property, and there is no right of survivorship; an owner's share can be passed on to heirs upon their death.

The other options delineate property ownership structures that do not reflect the shared nature of jointly held property. Sole ownership, whether by an individual or a legal entity, excludes the participation of others in ownership. Community property refers specifically to a legal framework governing the ownership of property between spouses in certain jurisdictions and does not encompass all forms of joint ownership.