What describes Tenancy in Common?

Tenancy in Common is accurately described as a form of concurrent ownership where individuals hold separate titles to the same estate. In this arrangement, each co-owner has an undivided interest in the property, meaning they each have the right to use the entire property, even though their shares may differ. For example, one owner might hold a 50% interest while another holds only 25%, and both can enjoy access to the whole property.

Moreover, each tenant in common can transfer their share independently, which provides flexibility in estate planning. This characteristic differentiates tenancy in common from joint tenancy, where co-owners must have equal shares and the right of survivorship applies.

The other options do not accurately reflect the nature of tenancy in common. A partnership would generally involve shared profits and responsibilities but does not pertain specifically to property ownership. A legal requirement for managing a trust is unrelated to the concept of property ownership. Finally, labeling it a type of residential property development misrepresents it as a property type rather than a form of ownership.