Understanding Joint Ownership vs. Tenants-in-Common: Key Differences Explained

This is definitely where you want to get a lawyer involved In general there are two types of ownerships that you can consider Firstly joint ownership Joint ownership or joint tenancy refers to two people who equally own a property If one of those people pass away the deceased share will automatically be passed on to the surviving owner The second type is tenants-in-common Tenants-in-common refers to the ownership split between two or more individuals This is where each tenant or owner has an equal or unequal share The tenants-in-common structure is more common where you're not looking at going fifty-fifty you might have said well I've put in thirty percent of the deposit you've put in seventy percent so therefore I'll own thirty percent of the property and you'll own seventy percent Another key difference is when the owners pass away the ownership isn't automatically transferred and will be administered according to the deceased person's will Another quick reminder that it's worth updating your will

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If your married do you need to be on the loans and titles. I’ve put in money I just don’t see why we need me on the paperwork.