What does "joint tenancy" imply in property ownership?

Joint tenancy is a form of property ownership that allows two or more individuals to hold title to a property together, sharing equal rights in the property. A key characteristic of joint tenancy is the right of survivorship, which means that upon the death of one owner, their interest in the property automatically transfers to the surviving owners. This ensures that the surviving owners remain in control of the entire property without needing to go through probate, which simplifies the transfer of ownership.

This form of ownership is distinct from other types, such as sole ownership or tenants in common. In joint tenancy, all owners have an equal share, and the property cannot be sold or transferred without the consensus of all owners, although this specific requirement is not the primary defining trait of joint tenancy. The presence of the right of survivorship is what fundamentally differentiates joint tenancy from other forms like tenants in common, where there is no automatic transfer of ownership to surviving co-owners after death.