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Tenants In Common
A form of co-ownership where each party owns a separate and undivided interest in the property, and upon death, their interest passes to their heirs or estate.
Operation Of Law
A legal change that occurs automatically due to existing laws, without the need for an action by a court or party.
Joint Tenants
Co-owners of property who have equal rights to the whole property and a right of survivorship, meaning if one owner dies, the remaining owner(s) inherit the deceased's share directly.
Right Of Survivorship
A feature of some types of co-ownership of property causing a co-owner’s interest in property to be transferred on his death immediately and by operation of law to his surviving co-owner(s). See also tenancy by the entirety and joint tenancy.
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