{"id":309,"date":"2020-01-12T15:28:36","date_gmt":"2020-01-12T15:28:36","guid":{"rendered":"http:\/\/minddigital.net\/step\/?p=309"},"modified":"2023-04-17T13:23:16","modified_gmt":"2023-04-17T13:23:16","slug":"house-joint-tenants-tenants-common","status":"publish","type":"post","link":"https:\/\/advisingfamilies.org\/canada\/information-portal\/managing-money\/house-joint-tenants-tenants-common\/","title":{"rendered":"Should we own our home as Joint Tenants or Tenants in Common?"},"content":{"rendered":"

Should we own our home as Joint Tenants or Tenants in Common?<\/strong><\/p>\n

When purchasing a home with another person, it is important to identify the most suitable ownership structure for the property. In provinces other than Quebec, there are two common ways in which individuals can co-own property: tenancy in common or joint tenancy. This article provides an overview of each type of co-ownership to help determine what type of co-ownership is most appropriate for a given situation.<\/p>\n

Tenancy in Common <\/strong><\/p>\n

Tenancy in common is a type of co-ownership that may be well-suited for individuals who are not legally married, who are buying property with a friend or business partner, or who are on a second marriage and want to leave their interest in the property to a third party (i.e., someone other than their spouse) in their Wills.<\/p>\n

Tenants in common hold an individual and divided<\/em> interest in the land. Each party has the right to transfer their ownership interest at any time. If one owner dies, their portion of the property interest forms part of their estate and can be transferred to a third party by a Will.<\/p>\n

Joint Tenancy<\/strong><\/p>\n

Joint tenancy is the most common form of property ownership for those purchasing a home with a spouse or partner. Joint tenants have full ownership of the property and have an equal and undivided<\/em> right to keep or dispose of the property.<\/p>\n

The chief distinction between joint tenancy and tenancy in common is that joint tenancy creates a right of survivorship. A joint tenant\u2019s share of the property passes to the other joint tenant(s) upon death. As such, joint tenants cannot leave their portion of the property to a third party in their Will. Practically speaking, this means that when one spouse dies, the other spouse becomes the sole owner of any jointly-owned property (typically, this would include the marital home).<\/p>\n

Other features of joint tenancy include:<\/p>\n