Final answer:
A joint tenant selling their interest creates a tenancy in common for their share while other shares remain in joint tenancy. This action alters the property's title unity and the sold share loses the joint tenancy right of survivorship.
Step-by-step explanation:
When a joint tenant sells their interest in a property, it can result in the creation of a tenancy in common for the portion of the property sold. The remaining joint tenants would continue to hold their shares under the joint tenancy, while the new owner would hold their acquired share as a tenant in common. This change affects the unity of the title because joint tenancy requires all tenants to have equal shares and interest, acquired at the same time, and through the same document. When one joint tenant sells their share, these unities are severed for that portion of the property. This action can have important implications for the rights of the new owner, as tenants in common do not have the right of survivorship, which is a characteristic of joint tenancy.
In real estate law, each joint tenant has the right to enter into contracts with other parties with their share of the property. This action underscores the autonomy each joint tenant has over their individual property interest, subject to the rights of the other joint tenants. However, the sale of a joint tenant's share effectively disrupts the joint tenancy structure, converting their share into a tenancy in common.
This principle can be seen in the provided context where if an owner is unable to deliver possession of a residence, the agreement can be terminated. This demonstrates the importance and impact of contractual rights and obligations in property ownership and tenancies.