Joint Tenancy refers to the ownership of an asset by two or more persons, each with an undivided interest in the asset and the right of survivorship, which results in the entire value passing to the surviving tenants upon the death of one tenant.
Tenancy in Common (TIC) involves the ownership of real property by two or more individuals where each has an undivided interest in the property, and unlike other forms of co-ownership, it does not include the right of survivorship.
Undivided interest describes an ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.
