In joint tenancy, what does each tenant possess?

In joint tenancy, each tenant possesses ownership in equal shares. This means that all joint tenants have an equal right to the entire property, regardless of the contributions made to its purchase or maintenance. This legal arrangement ensures that each tenant has equal rights to use and enjoy the property as a whole, and it also includes the right of survivorship. When one joint tenant passes away, their share of the property automatically transfers to the remaining joint tenants rather than through probate.

The concept of equal ownership is fundamental to joint tenancy, distinguishing it from other forms of co-ownership, such as tenancy in common, where each tenant may hold different percentages of ownership. This shared intention and equal ownership can foster transparency and cooperation among co-owners. Understanding this principle is crucial in real estate, as it impacts decisions regarding property rights, responsibilities, and the overall management of jointly owned real estate.