What does it mean for properties under joint tenancy?

In joint tenancy, all owners hold equal rights to the entire property rather than having distinct or divisible shares. This means that each owner has an undivided interest in the whole property, and no owner can claim a specific portion for themselves. This undivided interest is a crucial aspect of joint tenancy, as it establishes a right of survivorship, meaning that if one owner passes away, their interest in the property automatically transfers to the surviving owners, rather than being passed on according to the deceased's will or state inheritance laws.

The nature of joint tenancy emphasizes collective ownership and management of the property, which can lead to effective partnership among the owners. This concept differentiates joint tenancy from other forms of ownership, such as tenants in common, where owners may own different shares of the property that can be sold or transferred independently. As such, joint tenancy fosters a strong legal bond among the owners regarding their relationship with the property.