Property Ownership.

Property Ownership.

When two people buy a property together, they will need to decide before settlement how they will own the property,
either:

as ‘joint tenants’, or

as 'tenants in common’

JOINT TENANTS -means :

If they own the property equally, and

If one of them dies, the property automatically transfers to the other one no matter what their personal situation is at the time of their death.

TENANTS IN COMMON means:

They can describe in what proportions they own the property (usually it is ‘equally’ but it could be in other proportions eg. 1/4 or 1/3) , and

If one of them dies then that person’s interest doesn’t automatically transfer to the other person., but instead gets transferred according to what is in their will - or if they don’t have a will, then according to the state’s death laws.

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