What is Legal Terms Joint Tenancy?

Joint Tenancy: Two or more persons that hold the same parcel of real property and in fact hold the same interest. Thus, the joint tenants each own the undivided whole property and all are entitled to possess the whole property as well. Importantly, an incident involved in joint tenancy is the right of survivorship, where when one tenant dies, that interest is vested then in the other joint tenants. A joint tenancy can only arise from a single instrument at the same time.