What is joint tenancy in terms of property ownership?

Joint tenancy refers to a form of property ownership where two or more individuals hold title to the entire property collectively, rather than owning specific portions. This means that all joint tenants share equal rights and responsibilities regarding the property. A key feature of joint tenancy is the right of survivorship, which allows the surviving tenant(s) to automatically inherit the share of any tenant who passes away. This type of ownership ensures that the property does not go through probate upon the death of a joint tenant, simplifying the transfer of the deceased tenant's interest in the property.

The other choices do not accurately capture the essence of joint tenancy. For instance, a method where each party owns their portion of the property aligns more with tenancy in common, where parties can own different percentages. A lease agreement among multiple tenants pertains to rental arrangements, and a temporary ownership agreement suggests a limited timeframe for ownership that is not characteristic of joint tenancy.