Unlike joint tenancy wherein co-owners share an undivided interest in the same property, the ownership interests under tenancy in common are divided among co-owners or co-tenants. Generally, the distribution of shares under this ownership agreement need not be equal, and each tenant may deal with his or her share separately from the other co-owners.

Tenants in Common

Tenants in Common

This type of ownership can exist between spouses or non-spouses, and can be created by two or more individuals. This type of ownership does not provide the owners the Right of Survivorship. Thus, upon the death of one of the co-owners, his or her ownership interest in the share property is transferred to his or her heirs instead of to the surviving owners.