What does the term "joint tenancy" imply?

The term "joint tenancy" refers specifically to a form of property ownership where two or more individuals hold title to the property together, sharing equal rights to its benefits and use. A defining characteristic of joint tenancy is the right of survivorship, which means that if one joint tenant passes away, their interest in the property automatically transfers to the surviving joint tenant(s), rather than being passed on according to the deceased's will or through intestate succession.

This concept emphasizes that all joint owners have equal shares in the property and the ability to participate equally in its management. In contrast to other forms of ownership, such as tenancy in common, which allows for unequal shares and does not include the right of survivorship, joint tenancy ensures a unified approach to property rights and responsibilities among co-owners.