What is "joint tenancy" in property ownership?

Joint tenancy is a particular arrangement in property co-ownership where two or more individuals own a property together, sharing equal ownership rights. A critical characteristic of joint tenancy is the right of survivorship, which means that if one owner passes away, their share of the property automatically transfers to the surviving owner(s) rather than to the deceased's heirs or beneficiaries. This right of survivorship eliminates the need for probate, offering a seamless transition of ownership.

This form of co-ownership distinguishes itself from other arrangements, such as tenants in common, where each owner can hold unequal shares and does not have rights of survivorship. Understanding joint tenancy is essential for comprehending how property law facilitates ownership structures and the implications for estate planning and property transfer upon death.