What is a key characteristic of joint tenancy?

A key characteristic of joint tenancy is that the deceased co-tenant's interest automatically passes to the surviving co-tenants. This feature, known as the right of survivorship, allows for a seamless transfer of ownership without the need for probate. In a joint tenancy arrangement, all co-tenants hold an equal share in the property, and if one co-tenant dies, their interest is not inherited by their heirs but is instead distributed among the remaining joint tenants. This characteristic distinguishes joint tenancy from other forms of ownership, such as tenancy in common, where a deceased tenant's share would go to their heirs instead of the surviving co-tenants.

Understanding this aspect is crucial for individuals involved in real estate transactions or estate planning, as it affects how property is managed and transferred after death. Joint tenancy is often favored by those who wish to ensure that their ownership interest remains within a specific group, typically family members or close associates.