A more thorough explanation:

Tenancy refers to the possession or occupancy of land or property under a lease or conveying instrument such as a deed or will. There are different types of tenancy, including:

• Tenancy for years: A tenancy with a fixed duration known in years, weeks, or days from the moment of its creation. For example, a lease for a two-year term.
• Periodic tenancy: A tenancy that automatically continues for successive periods, such as month-to-month or year-to-year, unless terminated at the end of a period by notice. For example, a month-to-month apartment lease.
• Joint tenancy: A tenancy with two or more co-owners who take identical interests simultaneously by the same instrument and with the same right of possession. Each joint tenant has a right of survivorship to the other's share. For example, two siblings owning a property together as joint tenants.
• Tenancy in common: A tenancy by two or more persons, in equal or unequal undivided shares, each person having an equal right to possess the whole property but no right of survivorship. For example, two business partners owning a property together as tenants in common.
• Tenancy at will: A tenancy in which the tenant holds possession with the landlord's consent but without fixed terms, and that is terminable at the will of either party upon fair notice. For example, a caretaker living on a property with the owner's permission but without a formal lease agreement.

These different types of tenancy have specific legal implications and should be carefully considered before entering into any lease or property agreement.