Legal definition of tenancy in common
Commercial Real Estate Legal Terminology

tenancy in common

a type of tenancy where more than one person own interest in a piece of real property. The interest of each owner does not have to be equal. The deed that created tenancy in common may or may not state the shares of each tenant in common. It the deed is silent as to percentage of ownership the parcel is considered to be owned equally by all of the co-tenants.
A tenant in common may sell and otherwise convey his/her interest in real property at any time, without consent of other co-owners. Unlike "joint tenancy," there is no "right of survivorship" if one of the tenants in common dies.
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