are two common ways in which two or more people can own residential
- JOINT TENANTS:
It is usual for a husband and wife to own their family home as joint
tenants. Husband and wife purchasers usually prefer a joint tenancy as
the survivor automatically becomes the sole owner upon the death of the
other party. That is, administration of the estate is much easier than
with the other joint ownership; tenancy in common. The main feature of
joint tenancy is that neither proprietor can deal with his or her
interest by Will. On the death of one, the survivor automatically owns
the whole of the property.
IN COMMON. Under this form of holding each proprietor has a separate
interest in an undivided share of the property. Shares need not be
equal and may separately be disposed of by transfer or Will. If the
Buyer buys in this way, he/she should make sure that his/her Will is
kept up to date and under review. A tenancy in common offers a more
flexibility in estate planning.