What type of ownership does a joint tenancy grant?

The type of ownership that a joint tenancy grants is characterized by equal ownership with a right of survivorship. This means that each joint tenant has an equal share in the property, and upon the death of one joint tenant, their share automatically transfers to the surviving joint tenants. This right of survivorship distinguishes joint tenancy from other forms of ownership, such as tenancy in common, where there is no right of survivorship and the deceased's share can be passed according to their will or by state inheritance laws.

In a joint tenancy, all owners must acquire their interest in the property at the same time, through the same deed, and have equal interest in the property. This concept is foundational in real estate law as it protects the ownership interests of surviving tenants. Thus, the essence of joint tenancy lies in the combination of equal ownership and the legal mechanism of survivorship, ensuring the property remains within the group of owners even after one passes away. This is why the correct answer is that joint tenancy grants equal ownership with the right of survivorship.