Tenancy In Common

A way for two or more people to have equal ownership interests in a property. Each owner has the right to leave his or her share of the property to any beneficiary upon the owner's death. Each party (owner) in a tenancy-in-common agreement has the right to use the property even if the physical size of the stake is different.

Investopedia Says:
It is important to understand that tenancy in common is different than joint tenancy because the transfer of the property to a beneficiary in the event of an owner's death is different in each case. In a joint tenancy agreement, the title of the property is passed to the surviving owner, while in a tenancy-in-common agreement, the title can be passed to a beneficiary of the owner's choosing.

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Ownership of real or personal property by two or more persons in which ownership at the death of one co-owner is part of the owner's disposable Estate and does not pass to the co-owner(s). There is no limit to the number of persons who can acquire property as TIC, and those persons could be, but need not be married to each other.

Joint ownership of property by two or more persons, without right of survivorship. This form of property ownership most often is used by partners in a business partnership, and by unrelated persons holding title to real property. Each party has an indivisible share of the property; when they die, their share is inheritable by their heirs, not by the other tenants. Also called tenants in common. See also Community Property; Joint Tenants With Right of Survivorship; Tenancy By the Entirety.

An ownership of Realty by 2 or more persons, each of whom has an Undivided Interest without the right of Survivorship. Upon the death of one of the owners, the ownership share of the decedent is inherited by the party or parties designated in the decedent's Will. Compare with Partition. See Syndication.
Example: A syndicate is formed using a tenancy in common. Under this arrangement all of the investors have to sign the deed for the entire property to be conveyed. Each tenant may convey his or her share independently.

Ownership of property by two or more persons, each of whom may freely transfer his interest; the death of one tenant does not transfer his rights to the other or others.

A form of concurrent ownership of real property in which two or more persons possess the property simultaneously; it can be created by deed, will, or operation of law.

Tenancy in common is a specific type of concurrent, or simultaneous, ownership of real property by two or more parties. Generally, concurrent ownership can take three forms: joint tenancy, tenancy by the entirety, and tenancy in common. These forms of concurrent ownership give individuals a choice in the way that co-ownership of property will be carried out. Each type of tenancy is distinguishable from the others by the rights of the co-owners.

Usually, the term tenant is understood to describe a person who rents or leases a piece of property. In the context of concurrent estates, however, a tenant is a co-owner of real property.

All tenants in common hold an individual, undivided ownership interest in the property. This means that each party has the right to alienate, or transfer the ownership of, her ownership interest. This can be done by deed, will, or other conveyance. In a tenancy by the entirety (a concurrent estate between married persons), neither tenant has the right of alienation without the consent of the other. When a tenant by the entirety dies, the surviving spouse receives the deceased spouse's interest, thus acquiring full ownership of the property. This is called a right of survivorship. Joint tenants also have a right of survivorship. A joint tenant may alienate his property, but if that occurs, the tenancy is changed to a tenancy in common and no tenant has a right of survivorship.

Another difference between tenants in common and joint tenants or tenants by the entirety is that tenants in common may hold unequal interests. By contrast, joint tenants and tenants by the entirety own equal shares of the property. Furthermore, tenants in common may acquire their interests from different instruments: joint tenants and tenants by the entirety must obtain their interests at the same time and in the same document.