Tenancy In Common Legal Meaning and Definition

Here is a simplified definition of the legal term Tenancy In Common.

Tenancy In Common (noun): A type of co-ownership of real or personal property where two or more individuals hold interests in the property. In a Tenancy in Common arrangement, individuals may have unequal shares of the property, but all owners have equal rights to use the property. Furthermore, owners have the right to buy, sell, or develop their share without seeking permission from others. In contrast to a Joint Tenancy, there is no Right of Survivorship, meaning that if one owner passes away, their share gets transferred to their legal heirs rather than being shared among the surviving owners.