What is the difference between ‘Joint Tenants’ and ‘Tenants in Common’?

Briefly, when two or more people own property there are two ways the property may be held –

Joint Tenants – means that on death the remaining owner(s) will own the property. Also the property cannot be left to a third party under a will.

Tenants in Common – this means the owners can hold the property in equal or unequal shares and on the death of a co-owner his share will pass to his next of kin, or, under the provisions of any will he or she has made.