Joint Tenancy and Tenancy in Common - Ownership Interests

The video explains two types of ownership interests in land: joint tenancy and tenancy in common. In joint tenancy, owners have equal, undivided interest, and ownership transfers to the surviving owner upon death. In tenancy in common, ownership is divisible, allowing owners to sell or transfer their interest, including to heirs. Joint tenancy is often used in business to ensure ownership remains within the group.

What happens to the ownership interest in a tenancy in common when an individual passes away?

In what scenarios is a joint tenancy commonly used?