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 New Mexico, 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 arrangements. This means that when one tenant in common dies, their interest in the property can be passed on to their heirs or as directed by their will, rather than automatically transferring to the surviving co-owners. In contrast, joint tenancy includes a right of survivorship, where the deceased's interest automatically passes to the surviving joint tenants. In New Mexico, unless the deed or other conveyance document explicitly states that the co-owners take the property as joint tenants with the right of survivorship, the default assumption is that they hold the property as tenants in common. This default rule helps prevent unintended consequences when the form of ownership is not clearly specified. The specifics of tenancy in common and joint tenancy in New Mexico are governed by state statutes, which can be supplemented by case law as interpreted by the courts.