Which type of property ownership allows multiple people to own shares of a single property?

Tenancy in common is a form of property ownership that permits multiple individuals to own shares in a single property. Each person, known as a co-tenant, holds a distinct and proportional share of the property. Unlike other forms of ownership, tenancy in common allows each co-tenant the flexibility to transfer their share independently, either through selling, gifting, or bequeathing it.

Additionally, in tenancy in common, there is no right of survivorship, meaning if one co-tenant passes away, their share does not automatically go to the other owners but instead becomes part of their estate. This characteristic distinguishes it from other ownership types, such as joint tenancy, where the right of survivorship is a fundamental feature.

In contrast, sole ownership entails one individual having complete ownership of the property. Life estates involve interests that last for the lifetime of a designated individual, after which the property typically reverts to another party. Joint tenancy involves co-ownership with survivorship rights, meaning if one owner dies, their share automatically passes to the surviving owners, which is different from the nature of tenancy in common. These distinctions clarify why tenancy in common is the correct answer to the question regarding shared property ownership.