What is "joint tenancy" in real estate?

Joint tenancy is a legal arrangement where two or more individuals hold title to a property together, characterized by the right of survivorship. This means that when one joint tenant passes away, their share of the property automatically transfers to the surviving joint tenants, rather than going through probate or being subject to the deceased tenant's will. This feature makes joint tenancy a popular choice for married couples or family members who want to ensure that ownership passes smoothly upon death, without the need for legal proceedings.

In contrast, a type of lease agreement pertains to rental arrangements and does not involve ownership, which is quite different from joint tenancy. Meanwhile, estate planning refers to the broader strategies individuals use to manage and allocate their assets upon death, which could involve joint tenancy but isn't specific to it. Lastly, a business partnership structure relates to how businesses are organized and does not pertain to property ownership rights, further distinguishing it from joint tenancy.