Which statement describes tenants in common?

The statement that ownership is inheritable and passed to their heirs is accurate in describing tenants in common. In a tenancy in common, each owner possesses an individual share of the property that is not automatically tied to the other co-owners. This means that when a tenant in common passes away, their share does not go to the other co-tenants but rather is transferred according to their will or, if there is no will, by state inheritance laws. This right to pass ownership down to heirs is a fundamental characteristic of this form of property ownership.

This aspect differentiates tenants in common from other types of ownership, such as joint tenancy, where the concept of survivorship prevails, allowing the surviving owners to automatically gain ownership of the deceased's share. The ability for shares to be inherited retains the individual owner’s control over their portion of the property, giving them discretion over how they want their interest to be transferred upon their death.