There are two types of ownership that are primarily used in Ontario and although they might sound similar, there are key differences that you need to be aware of before sharing your property.
Depending on your situation, the ownership of the title can affect a lot of other aspects of your life such as estate planning, taxes and financial planning. You might unknowingly give up rights to your property or disadvantage your family.
Here are key things you need to know before deciding:
Joint Tenants:
Joint tenants means that the land or property is owned by two or more people and one main feature is that upon death of one party, the surviving party gets the whole “interest.” As a joint tenant, you hold 100% of interest of the property not a part. This interest is the same in every way – proportion, duration and all the same rights. So if one of the joint tenants passes away, the other person becomes the sole owner of the property. Joint tenancy is often used in a first marriage when purchasing a home. This makes estate planning easier because if one spouse passes away, the other becomes the owner of the house without going through probate.
Tenants in Common
Tenants in common have a very different arrangement. The interest in the property is divided. This also means if one party passes away, his/her share is not passed on to the common owner, but rather to his/her
beneficiary. It is also important to note that the percentage of ownership can be different for every party involved. Tenants in common can be used in situation such as a blended family and there are kids involved
from different marriages. It can also be used as an arrangement between friends or partners. If you don’t indicate joint tenancy on the title, the default is a tenancy in common.
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Deciding a proper agreement for your property is a personal decision based on your specific circumstances. It is always a great idea to discuss your options with a real estate lawyer to make sure your ownership
reflects your wishes.
At Eshel Law Firm, we have the experise and experience to help you make informed choices when it comes to your Real Estate decisions. Whether you are buying, selling or making mortgage evaluations, we are happy
to provide you with a consultation and answer any questions you might have.
Contact us at: [email protected] or visit our website to make an appointment: www.eshellaw.ca.
