What does "tenancy in common" mean?

Tenancy in common refers to a legal arrangement where two or more individuals own property together, with each owner holding an undivided interest in the entire property. This means that each owner has a right to use and enjoy the entire property, not just a specific portion of it. The interests can vary, meaning that one owner could own a larger percentage of the property than another, and each owner can sell or transfer their interest independently without requiring consent from the other owners. This type of ownership is particularly common in real estate arrangements where investors might pool their resources to purchase a property.

Other options describe different concepts or forms of ownership. For instance, one option mentions exclusive rights, which is more akin to sole ownership rather than shared ownership. Another discusses rental agreements, which are unrelated to the concept of ownership present in tenancy in common. Lastly, an ownership agreement that restricts the transfer of property rights does not accurately describe the flexibility inherent in tenancy in common, where owners can freely transfer their interests.