Tenancy In Common

Tenancy in common is a form of property ownership in which several persons acquire property together and share in its ownership and rights of use.

Unlike a joint tenancy or a tenancy by the entirety, none of the "four unities" (time, title, interest, and possession) are required: each co-owner can obtain a partial ownership at different times, with different percentages of ownership and rights of use. Also, if one co-owner dies, the remaining co-owners do not automatically inherit that co-owner's interest in the property, but it passes according to either the deceased's will or the intestate probate laws of the state.