When multiple parties own property, what is the ownership structure that allows for shared undivided interest?

When multiple parties own property together, a tenancy in common is the ownership structure that allows for shared undivided interest. In a tenancy in common, each owner holds a separate and distinct share of the property, which may be equal or unequal, and they share the right to use the entire property. Importantly, there is no right of survivorship in this arrangement; if one owner dies, their share does not automatically go to the other owners but instead can be passed on according to their estate plan or the laws of intestacy.

This structure differs from joint tenancy, where all owners have equal shares and a right of survivorship, meaning that if one owner dies, their share automatically passes to the surviving owners. Syndication typically refers to a group of investors coming together to pool resources for purchasing property but does not denote a specific ownership structure like tenancy in common or joint tenancy. A condominium involves individual ownership of units and shared ownership of common areas, which can lead to a complex arrangement that doesn't fit the definition of shared undivided interest in the same way as tenancy in common does.