What is the main difference?
As a joint tenant, there is an automatic right of survivorship. If one of the owners dies, the interest of the deceased owner is automatically transferred to the surviving owner. For instance, if Owner A and Owner B own a property as joint tenants and Owner A dies, then Owner B will automatically become the sole owner of the property. This is a common type of ownership between spouses.
Tenants in common on the other hand, have no rights of survivorship, unless the deceased individual’s will specifies otherwise. They may hold unequal interests in the property. For example, owner A and owner B may each own 25% of the home, while owner C owns 50% of the property.
Prior to completing a purchase, you should discuss with your lawyer the most suitable manner for you to take title to the property.
The articles in this blog are not intended to provide legal advice. Should you require legal advice, please contact Brukson Law at 289-809-0878.