What must joint tenants have in place regarding their ownership interests?

Joint tenants are required to have equal interests in the property they co-own. This means that each joint tenant holds an equal share or percentage of the ownership, ensuring that no single tenant has a larger or smaller stake than the others. This equality is a fundamental aspect of joint tenancy, distinguishing it from other forms of co-ownership, such as tenancy in common, where ownership percentages can vary.

The requirement for equal interests reinforces the concept that, in joint tenancy, all owners participate equally in the rights and responsibilities associated with the property, including rights to possession, use, and benefits derived from it. Additionally, should one joint tenant pass away, their share automatically transfers to the surviving joint tenants, thereby eliminating any need for probate and underscoring the importance of this equal ownership structure.