Joint Tenancy - An undivided interest in the property, taken by two or more joint tenants. The interests must be equal, accruing under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.
Tenancy in Common - A form of ownership whereby each owner holds an undivided interest in the property. The interests need not be equal, and, in the event of the death of one of the owners, no right of survivorship in the other owners exists.