What does joint tenancy refer to?

Joint tenancy refers specifically to a type of ownership arrangement in which two or more individuals hold title to a property together, with equal rights to the whole property. This means that if one owner passes away, their share automatically transfers to the surviving owner or owners, a principle known as the right of survivorship. This characteristic distinguishes joint tenancy from other forms of ownership, such as tenancy in common, where individual shares can be bequeathed to heirs.

In contrast, the other options do not accurately capture the legal meaning of joint tenancy. A leasing agreement pertains to a rental arrangement rather than outright ownership, a business partnership involves collaborative investment and operations of a business rather than property ownership, and a temporary arrangement does not establish the permanence characteristic of joint tenancy. Thus, the definition of joint tenancy aligns precisely with the concept of ownership of property by two or more persons.