What is a joint tenancy in co-ownership of property?

Joint tenancy in co-ownership of property is a legal arrangement where two or more individuals hold ownership of a property together, and each owner has an equal share in the property. What sets joint tenancy apart is the right of survivorship, which means that upon the death of one joint tenant, their interest automatically passes to the surviving joint tenants.

Choosing this option highlights the concept that in a joint tenancy, each party does not just have a share in the property; rather, they have an undivided interest in the whole property. This indivisible nature is crucial because it implies that all joint tenants have equal rights to the entire property rather than defined portions, which is a primary characteristic of joint tenancy.

On the other hand, the other options reflect different forms of property ownership. Some may involve rights of survivorship or aspects of inheritance, but they do not accurately define joint tenancy as it specifically relates to shared ownership and individual interest in the entire property rather than fractions or temporary agreements.