How do Tenants in Common typically hold ownership?

Tenants in Common typically hold ownership with the ability to sign at different times, which distinguishes this form of ownership. This means that each co-owner can acquire their interest in the property independently, without requiring the others to sign at the same time. In a Tenancy in Common arrangement, co-owners can own varying percentages of the property, and one co-owner's decision or timing does not depend on the others. This flexibility allows individuals to enter into ownership as it suits their circumstances, making it a popular choice in real estate transactions.

The other options do not accurately represent the nature of Tenants in Common. For example, while some may mistakenly think that ownership must be in equal shares, in reality, each tenant can hold a different percentage share. The concept of a joint account without rights of survivorship is also not applicable, as Tenants in Common can will their shares to heirs, unlike joint tenancy arrangements. Lastly, while there might be informal agreements between co-owners, they are not legally bound as a partnership in the same way a formal business partnership operates.