When four individuals own a piece of real estate in joint tenancy, what do they collectively possess?

When four individuals own a piece of real estate in joint tenancy, they collectively possess one title. This means that all owners share an equal interest in the property, characterized by a single deed that represents their joint ownership.

In a joint tenancy, the defining feature is the right of survivorship, which means that upon the death of one owner, their share automatically passes to the surviving owners, rather than being inherited by heirs. Thus, all four individuals are tied to the same title and have equal rights to the use and enjoyment of the property, along with the responsibility for any obligations attached to it, such as taxes or maintenance. This collective ownership structure is significant because it underlines the unity among the owners, as opposed to holding separate titles, which would imply distinct and individual ownership interests. Additionally, a mortgage agreement could be put in place if the property has been financed; however, it does not directly pertain to the nature of the ownership structure in joint tenancy.