What is joint tenancy?

Joint tenancy refers to a legal arrangement where two or more individuals own property together, sharing equal rights to the entire property. This form of ownership includes features such as the right of survivorship, which means that if one owner passes away, their interest in the property automatically transfers to the remaining owners, rather than being passed on to heirs.

This option captures the essence of joint tenancy as it emphasizes the collective ownership aspect and the shared legal rights among the owners. Understanding joint tenancy is particularly important in contexts such as estate planning and property law, where the implications of ownership types can significantly affect asset distribution and legal responsibilities. Other choices do not pertain to property ownership and thus do not accurately describe the concept of joint tenancy.