TeachMeFinance.com - explain tenancy in common
tenancy in common -- a form of ownership in which two or more parties own property, with each owning a separate interest. When one owner dies, that owner's share passes to his or her heirs and not to the remaining owners. When ownership of a deposit account is established as tenancy in common, the signatures of all owners are necessary for a withdrawal. See joint tenancy and tenancy by the entirety.
joint tenancy -- a form of ownership by two or more parties who share equal rights in and control of property, with the survivor or survivors continuing to hold all such rights on the death of one or more of the tenants. Joint tenancy is a common form of ownership when two or more persons jointly open a savings account.
tenancy by the entirety -- a form of ownership by a husband and wife, recognized in some states, in which one may not act without the other's consent in matters affecting property. When one dies, the rights of the deceased spouse automatically pass to the survivor. See tenancy in common, and joint tenancy.
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