Tenancy in Common

Co-Ownership (The Roommates). When two or more people own property together, they are co-owners. But not all co-ownership is created equal. There are three flavors, and you must know the difference.Tenancy in Common. If two friends buy a house together and don't specify otherwise, the law assumes they are Tenants in Common.No Right of Survivorship: This is the defining feature. If Owner A dies, their share goes to their heirs (kids, spouse, etc.), not to Owner B.Result: Owner B now owns a house with Owner A's kids.Unequal Shares: You can split ownership however you want. Owner A can own 90% and Owner B can own 10%. Even if you only own 1%, you have the right to possess (use) 100% of the property. (You aren't restricted to one corner of the living room).