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 Nevada, 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 rather than automatically transferring to the surviving co-owners. If the deed or other conveyance documents do not explicitly state that the co-owners take the property as joint tenants with the right of survivorship, the default ownership is assumed to be tenancy in common. This is in accordance with Nevada's property laws, which are codified in state statutes and may also be interpreted through state court opinions. It is important for parties involved in co-ownership of property in Nevada to clearly state their intended form of ownership in the transfer documents to avoid any default assumptions.