Tenancy in common is the ownership of real property by two or more co-owners (tenants in common) who may have equal or unequal ownership interests in the property (unlike joint tenants who must own equal shares).

Tenants in common (TIC) can transfer (bequeath or devise) their ownership interests to anyone upon their death, as there is no right of survivorship among tenants in common (there is a right of survivorship among joint tenants).

Unless the transfer or conveyance documents clearly establish that parties own a piece of real property as joint tenants, the default nature of ownership of real property by multiple parties is as tenants in common.

Laws vary from state to state and in many states the law regarding ownership of real property as tenants in common or as joint tenants is located in the state’s statutes—although it may also be located in a state’s court opinions (common law or case law).

In North Carolina, tenancy in common is a form of co-ownership where two or more individuals own a piece of real property together, with each having a distinct share that can be unequal. These shares can be freely transferred to others upon the owner's death, as there is no right of survivorship inherent in tenancy in common, unlike with joint tenancy where the surviving owners automatically inherit the deceased owner's share. In the absence of explicit language in the deed or other conveyance documents indicating that the co-owners intend to hold the property as joint tenants with right of survivorship, the default assumption under North Carolina law is that the property is held as tenants in common. This means that each owner's interest in the property is distinct and can be bequeathed to heirs or other beneficiaries. North Carolina's statutes and case law govern the specifics of tenancy in common and joint tenancy, and it is important for property owners to clearly state their intentions in property documents to ensure their ownership interests are held as desired.