What is the meaning of a “Joint Ownership”?
There are 2 types of joint ownership:- • Joint Tenancy – A Joint-Tenancy means all co-owners have an equal share or interest in the property and regardless of how much each co-owner had contributed to the purchase price, the parties are presumed to own the property in equal shares. • Tenancy-In-Common – It means that each co-owner holds a separate and definite share in the property. Back to top • What is the significance of owning a property under Joint-Tenancy? In a Joint Tenancy, there is a “Right of Survivorship”. Upon the death of any of the co-owners, his or her interest will be automatically passed to the remaining surviving co-owner(s). A joint tenant is unable to unilaterally dispose of his or her “interest” in the property whether by way of a will or any other form of disposition. E.g. Both husband and wife own the property as joint tenants. When the husband dies, the property automatically passes to the wife. Back to top • What is the significance of owning a property under T
