Concurrent ownership of property such that all owners have distinct but undivided shares in the same property. Each owner owns a specified proportion of the whole, yet none can identify a particular part of the property that is his or her share.
The share in the property may be equal (i.e. 50/50 split) or unequal, to any degree (i.e. 70/30, 99/1). A tenancy in common does not give rise to a right of survivorship, meaning that a tenant in common can choose to sell their shares or give them away as part of their estate upon their death if they wish.
Ownership as tenants in common is useful where people have contributed significantly different amounts to the purchase of the property, where investors are buying property together, or where there is a wish to avoid automatic title transfer via the right of survivorship.