Tenancy in common is the ownership of real property by two or more co-owners (tenants in common) who may have equal or unequal ownership interests in the property (unlike joint tenants who must own equal shares).

Tenants in common (TIC) can transfer (bequeath or devise) their ownership interests to anyone upon their death, as there is no right of survivorship among tenants in common (there is a right of survivorship among joint tenants).

Unless the transfer or conveyance documents clearly establish that parties own a piece of real property as joint tenants, the default nature of ownership of real property by multiple parties is as tenants in common.

Laws vary from state to state and in many states the law regarding ownership of real property as tenants in common or as joint tenants is located in the state’s statutes—although it may also be located in a state’s court opinions (common law or case law).

In Alaska, tenancy in common is a form of co-ownership where two or more individuals own a piece of real property together, with each having the ability to own unequal shares. Unlike joint tenancy, there is no right of survivorship in a tenancy in common, meaning that upon the death of one tenant in common, their interest in the property can be transferred to a beneficiary of their choosing through their will or estate plan. If the deed or transfer document does not specify the type of co-ownership, Alaska law presumes that the property is owned as a tenancy in common. This presumption can be altered by explicitly stating in the property's deed that the co-owners intend to hold the property as joint tenants with the right of survivorship. It is important for property co-owners to clearly document their intended form of ownership to avoid confusion and potential legal disputes upon the death of a co-owner. An attorney can provide guidance on drafting the appropriate documents to ensure the co-owners' intentions are legally recognized.