Which form of ownership allows two or more people to jointly own property?

Tenancy in Common is a form of ownership that permits two or more individuals to own property together. It is characterized by each co-owner having an undivided interest in the property, meaning that while several individuals hold ownership, no one person has exclusive rights to any specific part of the property. Each owner's share can be passed on to heirs or sold independently without the need for consent from the other co-owners, which provides flexibility and individual control over one's ownership interest.

In contrast, Joint Tenancy includes the right of survivorship, meaning that if one owner passes away, their interest automatically transfers to the surviving co-owners, rather than to heirs. Tenancy by the Entirety is similar to Joint Tenancy but is specifically for married couples and has unique legal protections in the context of divorce or debt. Community Property generally applies in certain states for married couples, where all property acquired during the marriage is considered jointly owned.

Understanding these distinctions highlights why Tenancy in Common is the most appropriate choice when discussing joint ownership without the specific legal implications tied to other forms of ownership.