What is the defining feature of joint tenancy in property ownership?

Joint tenancy is characterized primarily by the equal ownership interest it provides to all parties involved, along with the right of survivorship. This means that each owner has an identical share in the property, and if one owner passes away, their share automatically transfers to the surviving joint tenants. This feature ensures that the property does not go through probate upon the death of a co-owner, simplifying the transfer of ownership.

The concept of equal interest is fundamental to joint tenancy, as it distinguishes this form of ownership from others, such as tenancy in common, where interests can be unequal. Additionally, the right of survivorship is a critical element that defines the legal implications of joint tenancy, making it a popular choice for couples and individuals who wish to ensure that property is passed directly to surviving owners without complications. In contrast to the other options, this defining feature encapsulates the essence of joint tenancy clearly and comprehensively.