What is the definition of joint tenancy in property ownership?

Joint tenancy is defined as a form of ownership where two or more individuals hold equal shares in a property. This means that each tenant has an equal right to the property and an equal share of any benefits derived from it, such as rental income or appreciation in value. A significant characteristic of joint tenancy is the right of survivorship, meaning that if one joint tenant passes away, their share automatically transfers to the remaining joint tenants. This aspect distinguishes joint tenancy from other forms of ownership, as it ensures the property remains within the group of joint tenants without being subject to probate.

The other options describe different concepts related to property ownership or leasing that do not align with the definition of joint tenancy. For example, a legal agreement granting one individual full control of a property pertains more closely to sole ownership rather than joint ownership. A type of lease allowing multiple tenants to occupy a single residence refers to tenancy arrangements that do not necessarily involve ownership rights. Lastly, an ownership style that prohibits any transfer of rights does not accurately represent the nature of joint tenancy, which allows for the transfer of interests under certain conditions.