What term describes the ownership shared by two or more persons of the same property?

The term that best describes the ownership shared by two or more persons of the same property is "undivided interest." This concept refers to a form of ownership where each owner holds a share in the property that is not physically divided. Instead of owning a specific portion or individual part of the property, the owners collectively own the entire property, and each has the right to use and enjoy it as a whole. This type of ownership can arise in various situations, such as partnerships in real estate investment or situations in which family members inherit property and collectively own it.

While other terms like joint tenancy or fractional ownership might imply shared ownership, they do not accurately convey the idea of shared ownership in the absence of physical division and the ability of each owner to utilize the entire property. Joint tenancy specifically refers to ownership with rights of survivorship between joint tenants, whereas fractional ownership typically indicates ownership shares that are divided among various stakeholders, often for purposes such as vacation properties or investment opportunities. Common ownership is not a formal legal term used in property law, which is why undivided interest is a more precise descriptor in this context.