Joint tenancy- Joint tenancy represents a form of joint ownership where two or more people reside and own equal shares in the property. This type of ownership includes the survivorship rights, which signifies that when one joint tenant dies, their interest in the property automatically goes to the other joint tenant.
While none of the owners may claim a specific area of the property, tenants in common may have different ownership interests. For instance, Tenant A and Tenant B may each own 25 percent of the home, while Tenant C owns 50 percent. Tenancies in common also may be obtained at different times; so an individual may obtain an interest in the property years after one or more other individuals have entered into a tenancy in common ownership.
Co-owners mean all the owners of a property. If the property is owned by more than one person, it is called joint ownership. In case of coparcenary, the male members and daughters have a common and an equal interest in ancestral property.
Any co-owner can transfer his own share in the property to a stranger or another co-owner, and the transferee steps in the shoes of the co-owner. The transferee becomes the co-owner.
If the parties have shares in the property, it indicates that they are co-owners. A co-owner has right to possession, right to use and right to dispose off the property.
You can have co-ownership changed into sole ownership through partition. The term co-owner includes all kinds of ownership such as joint tenancy, tenancy in common, coparcenary, membership of Hindu undivided family (HUF) etc. If the parties have shares in the property, it indicates that they are co-owners.