What type of property ownership includes being a tenant in common?

The concept of being a tenant in common refers to a specific type of co-ownership where two or more individuals hold title to a property together, but each has a distinct, fractional interest in the property. This form of ownership allows any co-owner to sell or transfer their interest without the consent of the others and does not require that all owners share equal ownership percentages.

In the context of condominiums, each owner holds title to their individual unit while simultaneously sharing ownership of common areas such as hallways, pools, and parks with other unit owners. This arrangement is often structured as tenants in common because while each unit may be owned separately, control over common areas is shared among all the tenants in common. This legal structure of ownership aligns well with the functionality of condominium living, making condominiums the correct answer regarding property ownership that includes being a tenant in common.

Understanding the nature of property ownership and the distinctions between different types will help clarify why condominiums exemplify the tenant in common model, as opposed to leased properties, single-family homes, or rental apartments, where ownership dynamics differ significantly from the tenants in common arrangement.