When two or more owners are on a title, they are registered as joint tenants or tenants in common. This choice affects the property’s ownership when you sell or die.
Under joint tenancy, the right of survivorship is awarded to the remaining joint tenants. This means the portion of property owned by the tenant who died is distributed equally among the surviving owner(s).
Tenants in common
In contrast, tenancy in common shares are distributed based on the deceased’s will or probate laws. Tenants in common are free to split ownership of a property as they see fit. They do not need to share the property equally. For example, you could own 75% and your tenant in common 25% of the property.
These differences are significant. They should be carefully considered when choosing the type of joint ownership you prefer.