What is a primary attribute of properties owned in joint tenancy?

A primary attribute of properties owned in joint tenancy is that each tenant possesses an equal share of the property. This means that the owners, or joint tenants, have equal rights to the property, which is a defining characteristic of joint tenancy. This equal share applies regardless of the contributions made by each tenant to the purchase of the property; for instance, if two individuals enter into a joint tenancy agreement for a property, each one owns 50% of it, irrespective of how much money each contributed initially.

In joint tenancy, the equal ownership is crucial, as it establishes a foundational principle that aids in determining how the property is handled among the tenants. This equal distribution also plays a role in the right of survivorship that joint tenancy entails, whereby if one tenant passes away, their share automatically goes to the surviving tenant(s) rather than to the deceased's heirs.

Other choices, such as unrestricted transfer of possession, survivorship rights being nullified, or all tenants needing to live on the property, do not accurately reflect the nature of joint tenancy. Transfer of shares can occur, but it may affect the joint tenancy; survivorship rights are indeed a characteristic of joint tenancy and are not nullified; and it is not a requirement for all tenants to reside