Which of the following describes tenants in common?

Tenants in common refers to a form of ownership where two or more individuals hold an interest in a property together, but each owner has a separate, distinct share in the property. The key feature of this arrangement is that each tenant in common can sell, transfer, or will their interest independently of the others. This means that one owner does not require the approval of the other owners to sell their share of the property.

This independence in ownership is a fundamental aspect of tenants in common. For instance, if one co-owner decides to sell their stake in the property, they can do so, and the new owner will then become a tenant in common with the remaining co-owners.

In contrast, the other options describe different forms of ownership or incorrect features of tenants in common:

• The idea that they must jointly sell the property to realize any profit reflects joint tenancy or partnerships, which have different sharing rules.

• The notion of ownership as a single unit that passes on to heirs describes joint tenancy, where rights of survivorship apply, which is not the case with tenants in common.

• Rights to specific units in a multi-unit dwelling pertain to condominium ownership or leases, which again do not relate to the tenants in common structure.

Thus