Property tenants in common or joint tenants are two different ways in which individuals can hold ownership interests in a real property. These concepts are commonly used in real estate transactions and have distinct implications for co-owners. Tenants in common is a type of property ownership where two or more individuals hold separate and distinct ownership interests in the same property. Each tenant in common has an undivided interest in the property, meaning that they own a specific percentage or share of the property. For example, two individuals can be tenants in common with 50% ownership each, or three individuals can be tenants in common with 33.33% ownership each. In this type of ownership, tenants in common have the right to transfer or sell their share without needing the consent of the other co-owners, unless otherwise specified in a contract or agreement. When a tenant in common passes away, their share passes to their estate or designated beneficiary rather than automatically passing to the other co-owners. Joint tenants, on the other hand, refer to a type of ownership where two or more individuals hold equal and undivided shares of a property. Joint tenancy includes the right of survivorship, which means that when one joint tenant passes away, their share automatically transfers to the surviving joint tenants. This transfer happens without going through probate, making joint tenancy a popular choice for couples or individuals who want their ownership interests to transfer seamlessly to the other co-owners upon death. Joint tenancy requires the four unities to be established: unity of time (acquiring ownership at the same time), unity of title (obtaining ownership through the same document), unity of interest (owning equal shares), and unity of possession (having an equal right to use and enjoy the property). Apart from tenants in common and joint tenants, there are other types of property ownership arrangements. These include tenancy by the entirety (a form of joint tenancy available only to married couples), tenancy in partnership (where property is owned by partners in a business venture), and community property (a type of ownership available in some states where couples acquire and own property together during marriage). These variations in property ownership arrangements allow individuals and entities to choose the option that best suits their needs and circumstances. In summary, tenants in common and joint tenants are two different types of property ownership arrangements. Tenants in common have separate ownership interests in the same property, while joint tenants have equal and undivided ownership interests with the right of survivorship. Other ownership arrangements, such as tenancy by the entirety, tenancy in partnership, and community property, also exist to cater to specific situations. It is crucial for property owners to understand these variations and seek legal advice when determining the most suitable ownership structure for their needs.