tenancy in common

Definition

Joint-ownership of property by two or more related or unrelated entities (co-tenants) in equal or unequal shares. Each co-tenant's share is undivided: no co-tenant has exclusive right to any portion of the property and each has equal right to possess the whole property. Unlike in a joint-tenancy, no co-tenant has right of survivorship: the share of a deceased co-tenant passes on to his or her heir (or as willed) and not to the surviving co-tenant(s). All decisions to develop, mortgage, sell, or use the property may only be made collectively by all co-tenants. Any co-tenant (or his or her creditor), however, may petition the courts to partition the property in settlement of a claim. See also undivided interest.