Joint tenancy is the ownership of property or assets by two or more co-owners (joint tenants) who have identical interests in the property or assets—and also have a right of survivorship. Real property (real estate), bank accounts, and brokerage accounts are examples of property or assets that may be owned by two persons (often married persons) as joint tenants with 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 property or assets 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 New Mexico, 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 passes away, their interest in the property automatically transfers to the surviving joint tenant(s) without the need for probate. To create a joint tenancy in New Mexico, the property or asset must be conveyed in a manner that clearly indicates the intention to create a joint tenancy with the right of survivorship. If the conveyance document does not explicitly state the right of survivorship, the ownership may be presumed to be a tenancy in common, which does not include the right of survivorship. It is important for individuals wishing to hold property as joint tenants in New Mexico to ensure that the deed or account titling reflects this intention clearly to avoid any confusion or unintended consequences upon the death of a co-owner.