tenancy in common
- A type of property ownership where two or more individuals hold interest in the same property with unequal shares, maintain rights to utilize the property, and can designate beneficiaries for their interest upon death instead of the property automatically transferring to other owners
- The two business partners invested in a building as a tenancy in common to keep their shares distinct.
- When the artist passed away, his studio, held as a tenancy in common, was inherited by his chosen heirs rather than his co-owner.
- The siblings inherited the family home as a tenancy in common, sharing the use of the property while maintaining independent ownership stakes.