In a joint tenancy, what happens when one owner dies?

Study for the Magnolia Real Estate State Exam. Sharpen your skills with flashcards and multiple-choice questions; each question offers hints and explanations. Prepare to excel in your exam!

In a joint tenancy, when one owner dies, the property automatically transfers to the surviving joint tenants due to the right of survivorship. This means that the remaining owners do not have to purchase the deceased's share, nor is there a need to sell the property or divide it among heirs. Instead, the surviving joint tenants inherit the deceased's ownership interest, allowing them to maintain full ownership of the property without any probate process involved. This principle of joint tenancy is designed to ensure a seamless transition of property rights, thereby providing security and certainty to the remaining owners regarding their interest in the property.

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