What represents joint tenancy in property ownership?

Joint tenancy in property ownership is characterized by concurrent ownership with the right of survivorship. This means that two or more individuals hold equal shares in the property, and if one owner dies, their share automatically passes to the surviving owner(s), rather than being transferred through the deceased's estate. This feature is crucial because it ensures that the property stays within the group of surviving co-owners without the complications of probate.

This concept distinguishes joint tenancy from other forms of ownership, such as tenants in common, where each person may own different shares and there is no right of survivorship. In contrast, a single ownership or ownership by an individual lacks the shared aspect that is central to joint tenancy, as it implies that only one person holds the title without shared rights to survivorship.