What term describes ownership by two or more individuals of a single piece of property?

The concept of "Tenants in Common" pertains to a situation where two or more individuals hold ownership rights over a single piece of property without the right of survivorship. This means that each co-owner possesses an individual and distinct share in the property, which can be unequal, and their share does not automatically pass to the other co-owners upon their death. Instead, a deceased owner's share can be inherited according to their will or state inheritance laws.

This arrangement allows for greater flexibility among co-owners since they can decide how to share the property, manage it, or ultimately sell their interest at their discretion without needing the consent of the other owners. This makes it an appealing choice for unrelated parties or investment scenarios.

Other ownership structures such as Joint Tenancy or Tenancy by the Entirety involve different rights upon the death of an owner and usually require co-owners to have equal shares. On the other hand, Community Property is a legal framework that typically applies to married couples, regarding how property is owned during the marriage and tends to assume equal ownership of assets acquired during the marriage. Thus, "Tenants in Common" is the most accurate term for the general form of shared ownership among multiple individuals without the stipulations attached to the other ownership types