What is the consequence of having a joint tenancy as opposed to tenants in common?

Having a joint tenancy results in a unique characteristic where, upon the death of one tenant, their interest in the property automatically passes to the surviving tenants instead of being distributed according to the deceased's will or state inheritance laws. This is often referred to as the right of survivorship. Joint tenants have equal rights to the property, and the joint tenancy construct ensures that the property remains within the living group of tenants, significantly contrasting with tenants in common, where a deceased owner's share would go to their heirs or as outlined in their estate plan.

The other options describe different forms of property ownership or consequences that are not aligned with the definitions and legal implications of joint tenancy. For instance, if a tenant in common dies, their interest does not automatically transfer to the other tenants, making the significance of joint tenancy clear. Therefore, understanding this distinction is crucial in legal terms regarding property ownership and inheritance.