What is the significance of the right of survivorship in a joint tenancy?

The right of survivorship in a joint tenancy is significant because it ensures that when one joint tenant passes away, their interest in the property automatically transfers to the surviving joint tenant(s). This characteristic of joint tenancy means that the ownership of the property does not go through probate but is instead passed directly to the remaining joint tenants, simplifying the transfer of property upon death and maintaining the continuity of ownership.

This principle allows the surviving tenants to retain the full property rights without needing to acquire a formal deed or go through legal proceedings to obtain the deceased's share. It is a crucial feature that distinguishes joint tenancy from other forms of property ownership, such as tenancy in common, where the deceased's share would go to their heirs or estate rather than the surviving co-owners. The efficient transfer of property interests reduces administrative burdens and legal complications for those involved in the ownership.