What does the right of survivorship mean in joint tenancy?

The right of survivorship in joint tenancy refers to the legal principle that when one co-owner of a joint tenancy dies, their interest in the property automatically passes to the surviving co-owners, rather than being distributed according to the deceased’s will or estate plan. This means that the surviving co-owners do not need to go through probate or any legal process to gain full ownership of the deceased’s share. This characteristic of joint tenancy is critical because it provides a straightforward and efficient transfer of ownership, promoting stability in property rights among the remaining co-owners.

The other choices do not accurately reflect the concept of right of survivorship. The ability to sell one's share does not pertain to right of survivorship; rather, it involves the owner’s ability to dispose of their interest. The division of profits or financial returns among joint tenants refers more to the operational aspect of joint ownership rather than the rights that come into effect upon a co-owner's death. Lastly, the requirement to live together is not a condition of joint tenancy; joint tenants can own property without necessarily residing in it together.