What is meant by co-ownership in property terms?

Co-ownership in property terms refers to a situation where ownership rights to the property are held by two or more individuals. This arrangement allows multiple individuals to share the rights and responsibilities associated with the property, which can include the right to use the property, transfer ownership, and enjoy any profits or benefits that arise from it.

In co-ownership scenarios, there are usually specific legal frameworks that govern how the co-owners can operate and make decisions related to the property. Common forms of co-ownership include joint tenancy and tenancy in common, each with distinct characteristics regarding how ownership and interests are shared among co-owners.

This concept is crucial in real estate transactions as it impacts how property can be managed, disposed of, or inherited, depending on the agreements made among the co-owners. The other options do not accurately capture the essence of co-ownership, as they either refer to ownership by a single entity, sole ownership by an individual, or ownership restricted to family members, none of which reflect the definition of co-ownership that encompasses multiple participants.