Which of the following best describes the nature of a Tenancy in Common?

A Tenancy in Common is characterized by the absence of a right of survivorship, which distinguishes it from other forms of co-ownership like Joint Tenancy. In a Tenancy in Common, each co-owner (or tenant in common) has an undivided interest in the entire property, meaning they share ownership of the whole property rather than specific portions. However, the shares among co-owners can be unequal, allowing for flexibility in ownership interests—one person might own 70% of the property while another owns only 30%.

Furthermore, when a Tenant in Common passes away, their share does not transfer automatically to the other co-owners; instead, it becomes part of their estate and is distributed according to the deceased's will or, if there is no will, according to state inheritance laws. This is a significant feature, as it means that it allows the tenant’s share to pass to heirs rather than reverting to the surviving co-owners.

This understanding of Tenancy in Common highlights the unique aspects of this ownership structure compared to other forms of property ownership, particularly those that include rights of survivorship, such as Joint Tenancy.