Tenancy in common is a form of property ownership where two or more individuals hold shares in a single property. Each owner has a distinct, transferable interest in the property, which means they can sell or bequeath their share independently. There is no right of survivorship, so when one owner passes away, their share goes to their heirs rather than the remaining owners. This arrangement allows for flexibility in ownership, as each tenant can own different percentages of the property. For example, one person might own 50%, while another owns 25% and a third owns 25%. This structure is common in situations like real estate investments or shared family properties.