What does "tenants in common" mean?

"Tenants in common" is a form of co-ownership where two or more individuals hold title to a property together. One key aspect of this arrangement is that, if one co-owner passes away, their share of the property does not automatically go to the other co-owners. Instead, it passes according to the deceased owner's will or, in the absence of a will, according to state or provincial laws of intestacy. This means that rights of survivorship, commonly found in joint tenancy arrangements, do not apply here—an essential distinguishing feature of tenants in common.

This lack of survivorship rights is significant as it allows for greater flexibility and personal control over one’s share of the property. Each owner can dictate what happens to their portion upon death, whether it's bequeathing it to a family member, leaving it in a trust, or selling it outright. This contrasts with other forms of property ownership where, upon death, the share automatically transfers to the remaining owners, thereby eliminating the deceased owner's say in the matter.

In summary, the definition of "tenants in common" highlights the ability for each owner to pass on their share independently, making the option C the correct interpretation of this term.