Which of the following best describes "joint tenancy"?

Joint tenancy is characterized by concurrent ownership where two or more individuals hold an equal share in the property, and it specifically includes the right of survivorship. This means that when one joint tenant passes away, their interest in the property automatically transfers to the surviving joint tenants, rather than being passed on to heirs or through a will. This feature of joint tenancy is crucial, as it ensures that the property remains within the group of joint tenants and does not become part of the deceased's estate for distribution according to probate laws.

This type of ownership contrasts with other forms of property ownership, such as tenancy in common, where there are no rights of survivorship, and owners can have unequal shares. Thus, option C accurately encapsulates the essence of joint tenancy, emphasizing both the concurrent nature of ownership and the survivorship aspect that distinguishes it from other forms of property holding.