tenancy in common
- A form of ownership among two or more people, each with equal rights to occupy and use all of the real property owned in common. Although the owners may all fully occupy and use the property, they do not necessarily have equal shares of ownership. A major distinguishing feature of a tenancy in common is that when one owner dies, his or her share does not pass to the surviving owner(s) but, instead, passes to those named in the deceased's will or to the deceased's heirs under the law.
- noun a situation where two or more persons jointly lease a property and each can leave his or her interest to an heir on their death