Tenants in common is a legal term used to describe a form of property ownership where two or more individuals jointly own a property but have distinct, separate shares or interests in it.
The joint owners hold a specific percentage of the property, and these shares may not be equal.
When one co-owner passes away, their share can be passed on to their heirs through a will or according to intestacy laws.
The share division contrasts with joint tenancy, where co-owners have an equal and undivided interest in the entire property, and when one owner dies, their share automatically passes to the surviving joint owner.
Tenants in common allows for more flexibility and control over individual shares in the property.