Which of the following describes two or more individuals owning property as joint tenants?

Joint tenancy is a legal concept that allows two or more individuals to own property together with specific rights and characteristics. The key feature of joint tenancy is that all tenants hold equal ownership and rights to the entire property, regardless of the contributions that each may have made towards the purchase price. This means that each joint tenant has an undivided interest in the whole property, which reflects the principle of equal ownership.

The idea is that if one joint tenant passes away, their interest automatically transfers to the surviving joint tenants, rather than being passed on to heirs or through a will. This right of survivorship is a fundamental attribute of joint tenancy, distinguishing it from other forms of ownership, such as tenancy in common, where owners may have unequal shares and do not have the right of survivorship.

This concept highlights that the ownership in joint tenancy is collaborative and collectively shared by all individuals involved, reinforcing the notion of equal rights to the whole property rather than to individual portions of it.