Tenancy in common is the default form of concurrent estate, in which each owner, referred to as a tenant in common, is regarded by the law as owning separate and distinct shares of the same property. By default, all co-owners own equal shares, but their interests may differ in size.

This form of ownership is most common where the co-owners are not married or have contributed different amounts to the acquisition of the property. The assets of a commercial partnership are normally owned on a tenancy in common basis. Also, if the joint owners had attempted to use a form of joint ownership, such as a joint tenancy with right of survivorship or a tenancy by the entirety, and the effort was for some reason invalid, the joint owners would by default be classed as tenants in common. If conclusive evidence is not available of the desire to create a tenancy with rights of survivorship or a tenancy by the entirety, a court will normally determine that a tenancy in common has in fact been created.

Tenants in common have no right of survivorship, meaning that if one joint owner dies, that owner's interest in the property will be part of his or her estate and pass by inheritance to that owner's devisees or heirs, either by will, or by intestate succession. Also, as each joint owner has an interest in the property, they may, in the absence of any restriction agreed to between the joint owners, sell or otherwise deal with the interest in the property (e.g. mortgage it) during their lifetime, like any other personal interest.