Which of the following describes tenancy in common?

Tenancy in common is characterized by individual, undivided interest in the property. This means that each co-owner holds a distinct share of the property, which they can sell, mortgage, or pass on to heirs independently of the other co-owners. Unlike joint tenancy, there is no right of survivorship in a tenancy in common arrangement; when one owner dies, their share of the property goes to their heirs or as dictated by their will, rather than automatically being transferred to the remaining co-owners.

This clarity of individual ownership is a key aspect that distinguishes tenancy in common from other forms of co-ownership. While the other options reference various forms of property ownership, such as rights of survivorship or joint ownership with equal shares, these do not accurately represent the nature of tenancy in common.