What does joint tenancy mean in property ownership?

Joint tenancy in property ownership signifies that two or more co-owners hold equal shares of the property along with the right of survivorship. This means that when one of the joint tenants passes away, their interest in the property does not go through probate but automatically transfers to the surviving joint tenants.

This mechanism serves to streamline the transfer of ownership upon death, avoiding the lengthy probate process and ensuring that the remaining owners maintain full control and ownership of the property. The equal share and right of survivorship are core characteristics that distinctly define joint tenancy, setting it apart from other forms of property ownership such as tenancy in common, where co-owners may hold unequal shares and do not have rights of survivorship.

Understanding joint tenancy is crucial for property ownership as it affects how ownership interests are managed and transferred upon the death of one of the owners.