Tenancy in common ownership includes the following characteristics:
(1) Two or more persons hold separate undivided interests in the property.
(2) The interests of all cotenants in the property are deemed to be equal unless otherwise specified in the instrument of conveyance. Interests of cotenants in the property acquired by intestacy are as determined under Chapter 29 of the General Statutes.
(3) Cotenants hold by several and distinct titles with each cotenant having a right to possession of the property.
(4) Cotenants need not take title from the same instrument or at the same time.
(5) Cotenants do not have a right of survivorship.