Joint Tenancy and Tenancy by the Entirety
In most states, rights of survivorship only exist when the co-owners hold the property as joint tenants or as tenants by the entirety. These two forms of ownership require that co-owners own the property for the same period and in equal interests; they jointly own the property as a whole and each has the same rights in the property.
Tenancy in Common
Tenancy in common is a form of ownership that is different from joint tenancy or tenancy by the entirety. The co-owners do not have to acquire their interests in the same deed; those interests do not have to be equal, and in most states, rights of survivorship do not exist between tenants in common. When two or more people own property as tenants in common and one of the owners dies, his interest passes to the beneficiaries under his will or his heirs at law.