Which of the following describes "Tenants in common" ownership?

"Tenants in common" refers to a form of property ownership where two or more individuals hold title to a property together. In this arrangement, there is no right of survivorship, meaning that when one owner passes away, their share of the property does not automatically go to the surviving owners. Instead, the deceased's interest in the property is transferred to their heirs or beneficiaries according to their will or state law. This feature distinguishes tenants in common from joint tenancy, which includes rights of survivorship.

Additionally, each owner in a tenants in common arrangement can have unequal shares in the property, and they are not required to acquire their interests through the same deed or equal amounts. This means that ownership can be held in varying percentages, reflecting the individual contributions or agreements among the co-owners.

In contrast, the other options presented describe different aspects of property ownership that do not apply to tenants in common, such as survivorship rights or requirements for unanimous decisions, which are not characteristics of this type of ownership. Therefore, the correct description of "Tenants in common" ownership centers on the absence of survivorship and the ability to pass interests to heirs, making the chosen answer accurate in capturing the essence of this ownership format.