While joint tenancy and tenants in common share similarities, there are two key differences between these ownership agreements: equal interest, and the right of survivorship. Joint tenants own an equal interest in a property and are equally responsible for making payments to maintain the home. Mortgage payments, home insurance, and property taxes are split evenly between joint tenants. In addition, joint tenancy includes the right of survivorship. That means that ownership of the property automatically transfers to the surviving joint tenant(s) if a joint tenant passes away.
In contrast, tenants in common can each have a different share of ownership – so one tenant may be entitled to a greater percentage of the property than the others. Any profits from renting out the property or costs to maintain the property would be divided according to the ownership percentage of each tenant. Also, tenants in common don't have the right of survivorship. If a tenant in common passes away, their ownership percentage would be given to their descendants as outlined in their will – instead of the remaining property owner(s).