Definition
Tenancy in common allows multiple owners to hold unequal shares without survivorship rights. Each owner's share passes through their estate upon death.
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Tenancy in common allows multiple owners to hold property together without the restrictions of joint tenancy or tenancy by the entirety. Unlike joint tenancy, there's no automatic survivorship—each owner's share passes through their will or estate. Owners can hold unequal percentages and can transfer or encumber their share without the other owners' consent. Tenancy in common is flexible but can create complications if owners have disputes.
Pro Tip
Clarify ownership percentages in tenancy in common situations.
Example
The three business partners held the commercial property as tenants in common with 33% ownership each.