How is "joint tenancy" defined in property ownership?

Joint tenancy is defined as a type of ownership where two or more individuals hold property equally, and it includes the right of survivorship. This means that if one joint tenant passes away, their share automatically transfers to the remaining joint tenants, rather than being passed on to heirs or through a will. This feature distinguishes joint tenancy from other forms of ownership, such as tenancy in common, where there are no survivorship rights and shares can be inherited by the individual’s heirs.

In the context of real estate, joint tenancy creates a unified right among the co-owners, promoting a sense of partnership and collective ownership of the property. Each tenant in joint tenancy has an equal share, and the tenancy is characterized by the "four unities" — unity of possession, unity of interest, unity of time, and unity of title, all of which must be present for a joint tenancy to be valid.