Which of the following best describes tenants in common?
Correct Answer
B) Co-owners may hold unequal shares and there is no right of survivorship
Tenancy in common allows two or more people to co-own property with potentially unequal shares. There is no right of survivorship, so when a tenant in common dies, their share passes to their heirs or through their estate rather than automatically to the other co-owners. Each tenant in common may freely transfer their individual interest.
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Related Topics & Key Terms
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Related Concepts
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
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