Joint tenancy is the ownership of real property by two or more co-owners (joint tenants) who have identical interests in the property—and also have a right of survivorship.

A right of survivorship means that upon the death of a joint tenant the property passes directly to the other joint tenant(s), allowing the ownership to be transferred to the surviving joint tenant(s) without going through the probate or court systems. A joint tenancy is sometimes referred to as a joint tenancy with right of survivorship.

This right of survivorship is what distinguishes a joint tenancy from a tenancy in common, in which co-owners hold the property as tenants in common. In some states the right of survivorship must be clearly expressed in the document transferring or conveying the property to the joint tenants, or the tenancy will be presumed to be a tenancy in common.

Laws vary from state to state and in many states the law regarding joint ownership of real property is located in a state’s statutes—although it may also be located in a state’s court opinions (common law or case law).

In North Carolina, joint tenancy is recognized as a form of property co-ownership that includes a right of survivorship. This means that when one of the joint tenants dies, their interest in the property automatically passes to the surviving joint tenant(s), without the need for probate. To create a joint tenancy in North Carolina, the co-owners must have equal shares, the same title, and the same time of acquisition, and this must be clearly stated in the deed or conveyance document. The phrase 'as joint tenants with right of survivorship and not as tenants in common' is typically used to establish the joint tenancy and the right of survivorship. If the deed or conveyance does not explicitly state the intention to create a joint tenancy with right of survivorship, the ownership may be presumed to be a tenancy in common, where there is no right of survivorship. It is important for property owners to ensure that the deed reflects their intentions clearly to avoid any unintended consequences upon the death of a co-owner.