10 Dec Joint Tenants or Tenants in Common?
What is the difference between holding the property as Joint Tenants or as Tenants in Common?
When two or more people are buying property together, they must decide whether to hold the property as joint tenants or tenants in common. Joint tenancy is a method of owning property that allows all buyers to have their names on the title deed as co-owners. The effect of joint tenancy is that upon the death of one of the joint tenants, their share goes automatically to the other joint tenant by a legal process known as survivorship. This rule of survivorship will apply regardless of what the deceased says in their will.
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Tenants in common own property in individual shares, with the title being in the names of all of those buying the land. Traditionally, each person has a fractional share in the land. If property is owned by tenants in common, on the death of one of the tenants in common, the deceased person’s fractional share is distributed according to their will.