In real estate, what does joint tenancy entail?

Joint tenancy is a form of property ownership where two or more individuals hold equal and undivided interest in the property. This means that each owner has a right to the entire property, not just a specific portion. One of the key characteristics of joint tenancy is the right of survivorship, which means that when one joint tenant passes away, their share automatically transfers to the surviving joint tenants, rather than being inherited by the deceased tenant's heirs. This ensures that the property remains within the surviving owners.

The concept emphasizes the equal ownership aspect, where all joint tenants have the same percentage of ownership and responsibilities regarding the property. This structure is distinct from other forms of ownership, such as tenants-in-common, where shares can be unequal and can be passed on to heirs.

The other choices present different aspects of property ownership that do not accurately describe joint tenancy. Division of property shares equally relates more to tenants-in-common than to the principle of joint tenancy, ownership based on inheritance describes how property can transfer upon death but doesn't capture the essence of joint tenancy, and leasehold interest refers to a temporary right to occupy or use the property, which is not relevant to joint ownership.