Which term describes the equal ownership of co-owners in a property that includes right of survivorship?

The term that describes the equal ownership of co-owners in a property, including the right of survivorship, is joint tenancy. In a joint tenancy, each co-owner has an equal share of the property and possesses the right of survivorship, which means that if one co-owner passes away, their share automatically transfers to the surviving co-owners rather than being passed on to heirs or through a will. This feature makes joint tenancy a distinct form of ownership compared to other types like tenancy in common, where there is no right of survivorship and each owner's share can be transferred at their discretion. Joint tenancy typically requires four unities: unity of time, title, interest, and possession, which must be present for the arrangement to be legally recognized.

Understanding this concept is crucial for recognizing how property rights are structured and the implications of co-ownership arrangements, particularly in estate planning and property transactions.