concurrent ownership

Concurrent ownership occurs when two or more individuals hold legal rights to the same property at the same time. This means each owner has an interest in the property, and their rights can run concurrently, such as sharing possession, use, or income from it. Common forms include joint tenancy, where owners share equal rights and can automatically inherit each other's share upon death, and tenancy in common, where owners may have unequal shares and can transfer their interest independent of others. This arrangement allows multiple people to co-own property, with specific rights and responsibilities governed by law.