What does the 'P' in PITT represent regarding joint tenancy?

The 'P' in PITT stands for Possession, which is a key characteristic of joint tenancy. In a joint tenancy arrangement, all tenants share equal rights to possess and use the entire property. This means that no single tenant can claim exclusive rights to any portion of the property; rather, each joint tenant has an undivided interest in the whole of the property. This principle of possession emphasizes the unity of interest among joint tenants, which distinguishes joint tenancy from other forms of ownership, like tenancy in common, where individual tenants can possess specific parts of the property independently.

Recognizing the importance of possession helps highlight one of the foundational aspects of joint tenancy: it ensures that all parties involved have an equal right to the property, which can be crucial in maintaining harmony and clarity among co-owners. This shared possession continues even if one tenant decides to transfer their interest, demonstrating the enduring nature of this form of ownership.