What type of ownership structure allows equal property ownership among multiple people?

The concept of equal property ownership among multiple people is best represented by Tenancy in Common. In this arrangement, each individual holds a distinct share of the property, which can be unequal, but it is characterized by the ability of each co-owner to possess and use the property. Each owner has the right to sell or transfer their share without needing approval from the other owners.

This structure accommodates various ownership percentages but does not mandate equal shares, allowing for flexibility among the owners. If one owner passes away, their share does not automatically transfer to the other owners; instead, it can be inherited by their heirs, reinforcing the individual stake in the property.

Unlike Joint Tenancy, which requires equal ownership and includes the right of survivorship (meaning that when one owner dies, their share is automatically transferred to the surviving owner(s), not to the deceased's heirs), Tenancy in Common provides a more independent ownership experience where individual interests can exist separately. While Absolute Ownership refers to complete ownership of a property without any encumbrances or limitations, it does not involve multiple owners. Time-Share Ownership involves sharing property for vacation purposes and typically does not grant equal ownership rights, focusing more on usage rather than ownership equity.