Real Estate Editorial

I’ve recently been looking into helping change the title on my father’s house from Joint Tenancy to Tenancy in Common, so what does this mean exactly.

For a quick look at the definition of both these terms, I’ve defined them in an earlier post called The Definitions of Real Estate - Part 1.

Well it means exactly, that when the title of your house is listed as Joint Tenancy each owner has an equal undivided share of the property. So when one of the owners of the property should pass away the entire ownership of the property is transfered to the surviving owners.

If your title is listed as Tenancy in Common, each owner owns a percentage of the property (This doesn’t have to be an equal share). So when one of the owners of the property should pass away their portion of the property can be transfered according to the wishes of their will.

So generally when should you use Tenancy in Common or Joint Tenancy?

Join Tenancy: Used commonly when people are married, or in a long term common law relationship. Property that is purchased where 1 owner is willing to give their share to the other owner upon their passing.

Tenancy in Common: Used commonly between business partners, property bought between siblings, property bought between parents and children.

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