An alternative way for two or more people to own property is as tenants in common. In a tenants in common situation, when one owner dies, the deceased owner’s children or heirs take over the deceased owner’s share of the property. The heirs will then own the property with the surviving owner(s). This is different from a joint tenancy ownership situation where when one dies, the surviving owner automatically becomes the sole owner of the property.
An ownership as tenants in common is created by deed. If the deed does not specify the type of ownership of real estate, then ownership by tenants in common is presumed.