What type of ownership do Sam and Bridget have in their jointly owned property?

Sam and Bridget have a joint tenancy in their jointly owned property. Joint tenancy is characterized by the four unities: unity of time, unity of title, unity of interest, and unity of possession. This form of ownership allows both parties to own an equal share of the property and includes the right of survivorship, meaning that if one owner passes away, the other automatically inherits their share of the property. This can be beneficial for couples or co-owners since it simplifies the transfer of ownership upon death.

Understanding joint tenancy is important in real estate because it affects how the property can be transferred and what happens to the ownership if one of the owners dies. In contrast, other ownership types like tenancy in common do not include the right of survivorship and allow for unequal shares, which can complicate inheritance matters. Additionally, estate in severalty pertains to ownership by a single individual rather than multiple parties, and tenancy by the entirety is typically available only to married couples, providing similar rights as joint tenancy but with additional protections against creditors.