Tenancy in common
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If two or more people have an interest in land (see: Interestland and property) as tenants in common, then they are co-owners of that land (see co ownership of land). They each have an identifiable share of the property, which is capable of being transferred to another party, and is inherited by the owner's estate if he dies. In principle, each of the tenants in common may be able to identify a specific part of the property which he 'owns'.
This is in contrast to the other form of co-ownership, the Joint tenancy, in which the assets are indivisible, and cannot be transmitted separately.
Under the Law Of Property Act (1925) the joint tenancy is the only legal form of co-ownership of land. To create a tenancy in common requires that the legal owners hold the property on trust as a tenancy in common for the beneficiaries. In such cases it is quite common for the trustees and the beneficiaries to be the same people - this is simply the device that the law has created to give effect to a tenancy in common.