What does "joint tenancy" signify in property ownership?

Joint tenancy signifies a specific form of property co-ownership that is characterized by equal shares among the co-owners and includes a right of survivorship. This means that if one of the joint tenants passes away, their share automatically transfers to the surviving joint tenants rather than being passed on through a will or estate. This feature of joint tenancy is significant because it establishes a legal right that can simplify the transfer of ownership upon death, thus avoiding probate.

In this arrangement, all joint tenants have an equal ownership interest in the property, which differentiates it from other forms of co-ownership that may allocate different percentages of ownership based on contribution or agreement. The essential characteristics of joint tenancy—equal shares and the right of survivorship—are fundamental to understanding how property is managed and transferred within this framework.

The other options, while they may relate to property in various ways, do not accurately describe what joint tenancy is or how it functions within property law.