What is a key feature of joint tenancy?

A key feature of joint tenancy is that each owner has an undivided interest and a right of survivorship. This means that all joint tenants equally share ownership of the entire property rather than holding specific parts of it. The undivided interest implies that each joint tenant has an equal claim to the whole property, and no joint tenant can exclude the others from any part of the property.

The right of survivorship is particularly important because it allows, upon the death of one joint tenant, their share of the property to automatically transfer to the remaining joint tenants without the need for probate. This characteristic offers significant legal and financial benefits since it provides efficiency in the transfer of property and avoids lengthy legal proceedings typically involved in inheritance.

This understanding of joint tenancy reinforces its unique nature compared to other forms of ownership, such as tenancy in common, where owners may have divided interests and do not typically possess rights of survivorship.