What is Joint Tenancy characterized by?

Joint Tenancy is characterized by equal shares and the right to partition among co-owners. This form of co-ownership means that each tenant holds an equal percentage of the property, which is a fundamental aspect of Joint Tenancy. Additionally, the right to partition allows any co-owner to request a legal division of the property, enabling them to exit the joint ownership arrangement if they choose.

In Joint Tenancy, there is also the survivorship feature, meaning if one co-owner passes away, their share automatically transfers to the remaining co-owners rather than passing to heirs, further distinguishing it from other forms of ownership. This concept emphasizes the idea of unity among owners, where all parties have equal rights and obligations regarding the property. Therefore, understanding the equal shares aspect is crucial for recognizing how Joint Tenancy operates in real estate transactions and ownership structures.