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 New York, tenancy in common is a form of co-ownership where two or more individuals own a piece of real property together, with each having an undivided interest that can be unequal in size. Unlike joint tenancy, which requires equal shares and includes a right of survivorship, tenancy in common does not include this right. This means that upon the death of a tenant in common, their interest in the property can be transferred to a beneficiary of their choosing through a will or trust, rather than automatically transferring to the surviving co-owners. If the deed or other conveyance documents do not specify the type of co-ownership, New York law presumes that the property is owned as tenants in common. It is important for co-owners to clearly state their intentions in the property's deed if they wish to establish a joint tenancy with the right of survivorship. The specifics of tenancy in common in New York are governed by state statutes, which can be supplemented by case law.