Chicago, Illinois

Tenancy in Common means the owners each own a specific portion of the property, for example two owners might own 50% each or three owners might own 50/25/25% each.  

When one of the owners passes away or otherwise choses to transfer their ownership, their heir or successor would step into the same percentage that they owned. 

A tenancy in common can also be created where a joint tenant sells his or her interest, which would sever the interest in the property and create a tenants in common relationship.