How can one best define joint tenancy?

Joint tenancy is best defined as ownership by two or more parties with rights of survivorship. This legal arrangement allows each owner, known as a joint tenant, to have an equal share in the property. A critical feature of joint tenancy is the right of survivorship, meaning that if one joint tenant passes away, their share automatically transfers to the surviving joint tenant(s) rather than being part of the deceased tenant's estate. This provision helps to ensure a seamless transition of ownership and can simplify the process of inheritance.

In contrast, ownership by a single party does not reflect the essence of joint tenancy, as it involves multiple owners. Ownership by two parties with unequal shares does not align with the equal share requirement intrinsic to joint tenancy, which mandates that all joint tenants have equal interests. Lastly, the notion that ownership must be accompanied by a written agreement is misleading; joint tenancy can be established verbally or implied through actions, although a written document is often advisable to clarify ownership rights.