What type of ownership includes equal shares and the right of survivorship among owners?

Joint Tenancy is characterized by equal shares among the owners, as well as the right of survivorship. This means that in the event one owner passes away, their share automatically transfers to the remaining owners, rather than being passed down to heirs or according to a will. This feature distinguishes joint tenancy from other forms of ownership such as tenancy in common, where shares may not be equal and there is no automatic right of survivorship.

Understanding this helps clarify the nature of ownership in joint tenancy. All owners are equally involved in the ownership of the property, and the property is often considered a single entity rather than divided into parts. This creates a strong bond between the owners, as they all have equal rights to use and enjoy the property while also sharing responsibilities. This type of ownership is often beneficial for family members or close partners who wish to ensure that their interests in the property continue seamlessly in the event of death.

The other ownership types mentioned do not share these characteristics. For example, condominiums refer to a different structure in real estate that includes individual ownership of units while sharing ownership of common areas; community property applies to married couples in certain states and generally does not involve a right of survivorship; and tenancy at sufferance occurs when a tenant