In which type of property ownership do all owners have equal rights and survivorship?

Joint tenancy is characterized by equal rights among all owners and includes the right of survivorship. This means that if one owner passes away, their share of the property automatically transfers to the surviving owners, rather than being passed on to heirs or beneficiaries. This feature of survivorship is a defining characteristic of joint tenancy, making it distinct from other forms of property ownership, where such automatic transfer does not occur.

In joint tenancy, all owners hold an equal share in the property, and each owner must acquire their interest at the same time, through the same deed, and with equal ownership characteristics. This unity of ownership is one of the key principles that sets joint tenancy apart from ownership types like tenancy in common, where owners may hold unequal shares and do not have the right of survivorship. Additionally, in tenancy by the entirety, which is a form of joint tenancy specifically for married couples, the survivorship aspect is also present; however, the ownership is restricted to only two parties—married spouses—while joint tenancy can involve any number of owners. Fee simple ownership provides full control of the property without these specific joint ownership features.