Which form of co-ownership is characterized by the right of survivorship?

Joint tenancy is a distinctive form of co-ownership that is characterized by the right of survivorship. This means that when one joint tenant passes away, their interest in the property automatically transfers to the remaining joint tenants rather than being passed on to the deceased's heirs or through a will. This feature of survivorship creates a unity of ownership that enhances the security of the remaining owners since they are not subject to claims from outside parties or the heirs of the deceased.

In contrast to joint tenancy, tenancy in common does not provide the right of survivorship. Instead, each tenant in common holds an individual, distinct share of the property that can be sold or inherited. Community property pertains primarily to married couples and offers each spouse equal ownership of assets acquired during the marriage, but it does not include the right of survivorship like joint tenancy. Partnership ownership involves shared interests in a business rather than in real property, which further differentiates it from the aspects of co-ownership described. Understanding these distinctions is crucial for navigating real estate ownership and related legal matters in Louisiana and beyond.