What is a joint tenancy?

Joint tenancy is a form of co-ownership characterized by equal ownership rights among the parties involved, where each owner holds an identical share of the property. One of the key features of joint tenancy is the right of survivorship, which means that if one of the owners passes away, their share automatically transfers to the surviving owners, rather than going through the deceased's estate. This ensures that the property remains in the hands of the surviving co-owners without the complications of probate.

In contrast to other forms of co-ownership, such as tenancy in common, where each owner can possess unequal shares and may have distinct rights regarding the sale or transfer of their portion, joint tenancy requires all owners to have equal interests in the property and provides specific rights that protect those interests. This structure is particularly beneficial for individuals who wish to ensure that their ownership automatically passes to the remaining co-owners upon their death.

The other options describe different concepts entirely. One touches on selling interests without consent, which pertains more closely to tenancy in common, where owners can independently sell their shares. Another option refers to lease agreements, which do not apply to co-ownership situations like joint tenancy. The final choice regarding lease responsibilities is irrelevant to the concept of co-ownership.