What is the primary characteristic of a tenancy in common?

A tenancy in common is a form of co-ownership where two or more individuals hold title to a property. The primary characteristic of this arrangement is that each tenant has an individual, undivided interest in the property. This means that each tenant can independently transfer, sell, or bequeath their share of the property without needing the consent of the other co-owners. This independence of ownership is what distinguishes tenancy in common from other forms of co-ownership, such as joint tenancy, where certain restrictions such as the right of survivorship apply.

Under a tenancy in common, if one owner decides to sell or transfer their interest, it can be done freely. This flexibility allows for various arrangements regarding the property and gives tenants the freedom to manage their shares as they see fit. The ability for each tenant to transfer their interest independently is essential to understanding how ownership is structured in this type of tenancy.

The other options either inaccurately describe the rights associated with a tenancy in common or refer to different forms of ownership arrangements. For instance, while surviving tenants may inherit property under joint tenancy, tenancy in common does not have this feature, as each tenant's interest is passed on according to their estate plan rather than automatically to the other co-tenants.