What type of ownership allows multiple individuals to own a property together?

The correct answer is the type of ownership known as tenancy in common. This form of ownership allows two or more individuals to own a property jointly, with each owner holding a distinct share of the property. The shares can be equal or unequal, and there is no requirement that they possess the same percentage of ownership.

In a tenancy in common, each owner has the right to sell or transfer their share without needing the consent of the other owners. Upon the death of an owner, their share will be passed on according to their will or according to state laws if there is no will, rather than automatically transferring to the remaining co-owners.

While joint tenancy is another type of co-ownership, it involves a right of survivorship, meaning that if one owner dies, their share passes automatically to the surviving co-owner(s), not to heirs. This makes the two forms of ownership fundamentally different. Time-share ownership, on the other hand, refers specifically to a type of property arrangement where multiple people hold rights to use the property for a certain period, usually within a vacation context, and operates under different legal principles than joint ownership.

Understanding these distinctions is crucial for recognizing the various ways that property can be owned and the implications each type of ownership entails.