What is the primary characteristic of joint tenancy?

The primary characteristic of joint tenancy is the right of survivorship among the owners. This means that when one joint tenant passes away, their interest in the property automatically transfers to the surviving joint tenants, rather than being passed on to the deceased's heirs or beneficiaries. This feature is significant because it allows for a seamless transfer of ownership without the need for probate, ensuring that the surviving owners retain full control of the property.

This right of survivorship distinguishes joint tenancy from other forms of property ownership, such as tenancy in common, where there is no automatic transfer of interest upon death, and heirs can inherit a decedent's share. Joint tenancy requires that the joint tenants share equal ownership interests and have acquired the property at the same time, adding further complexity to ownership and transfer issues.

In contrast, the other options touch on different aspects of property ownership that do not define joint tenancy and, therefore, do not reflect its primary characteristic. Joint tenants maintain the ability to transfer their interest, but doing so could convert the ownership to a tenancy in common, illustrating the unique nature of joint tenancy in allowing for a unified ownership experience among the co-owners.