How is tenancy in common defined?

How is tenancy in common defined?

• A. Shared ownership with equal rights of survivorship
• B. Co-ownership with undivided interest and inheritance rights
• C. Exclusive ownership by a single individual
• D. Joint tenancy with equal shares among owners

Answer: (B)

Tenancy in common is defined as co-ownership of property where each owner holds an undivided interest in the entire property, rather than a specific portion of it. This means that each co-owner has the right to use and enjoy the whole property, regardless of the percentage of ownership. Importantly, each owner's share can be inherited, which allows for the transfer of interest upon death without the automatic right of survivorship to the other co-owners. This is a key characteristic that differentiates tenancy in common from joint tenancy, where there is a right of survivorship, meaning that upon the death of one owner, their share automatically passes to the surviving co-owners rather than to the deceased owner’s heirs. Therefore, recognizing the ability to pass on ownership through inheritance rights is central to understanding tenancy in common.

Tenancy in common is defined as co-ownership of property where each owner holds an undivided interest in the entire property, rather than a specific portion of it. This means that each co-owner has the right to use and enjoy the whole property, regardless of the percentage of ownership. Importantly, each owner's share can be inherited, which allows for the transfer of interest upon death without the automatic right of survivorship to the other co-owners. This is a key characteristic that differentiates tenancy in common from joint tenancy, where there is a right of survivorship, meaning that upon the death of one owner, their share automatically passes to the surviving co-owners rather than to the deceased owner’s heirs. Therefore, recognizing the ability to pass on ownership through inheritance rights is central to understanding tenancy in common.