Joint Tenants or Tenants in Common?

Revised 2008

Version 1.1

 


   This publication includes...

  • What kind of "legal" things should people keep in mind when acquiring property together?
  • What is the difference between joint tenancy and tenancy in common?
  • Why might we want one over the other?
  • How can we know what our ownership situation is at a given time?
  • How can we change the ownership situation if we want to, and what will this cost?
  • What happens if a joint tenant or a tenant in common wants to sell the property, or if one of them passes away?
  • Conclusion
  • Where can we get more information?

One key consideration is that when two or more people buy property together, there are different kinds of ownership. When more than one person owns the property it can either be held in joint tenancy or tenancy in common. The title to the property indicates the type of ownership.

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