"Tenancy in common" is a form of fractional property ownership without survivorship rights. Tenants in common are two or more persons who share the right to possession of common property in clearly defined percentages of ownership. While each co-owner is alive, each has the right to use and/or enjoy the property subject to the rights of the other co-owners.

There are no survivorship rights for surviving owners. At the death of a tenant in common, his or her interest passes as directed in his or her will. In other words, the decedent's share of the property is transferred by probate to a new owner that may or may not be a current co-owner. If there is no will, the decedent's fractional interest in the common property will pass according to the applicable intestacy statutes. Click here for an example of property ownership and transfer under tenancy in common.

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