Tenancy in common is another form of property ownership by two or more persons. Unlike tenancy by the entirety, the ownership can be among any two parties, brothers, friends, etc. Another difference from tenancy by the entirety is the transfer of ownership percentage upon the death of any one of the tenants does not give rise to the survivorship. Rather the ownership will be transferred to the person nominated by the deceased tenant with the same percentage.
The taxation authorities consider the property under tenancy in common as a single property and send a single tax liability bill instead of sending the tenants separate tax liability bills as per the percentage of ownership.
