Tenants in Common and Joint Tenancy are two forms of co-ownership that exist in real estate.
Tenants in Common: In this form of co-ownership, each individual holds a distinct and separate share of the property. The shares can be equal or unequal, and each owner has the freedom to sell, transfer, or will their share to another party. Tenants in Common have unity of possession, meaning they collectively have the right to use and enjoy the entire property. However, they do not have the right of survivorship. This means that if one tenant passes away, their share of the property will pass on to their heirs or as specified in their will, rather than automatically transferring to the surviving co-owners.
Joint Tenancy, on the other hand, involves co-ownership with the right of survivorship. This means that when one joint tenant passes away, their share automatically transfers to the surviving joint tenants, rather than being inherited by their heirs.