Joint Tenants contains a right of survivorship, so that if one person passes away his or her interest in the property passes to the other, regardless of what is contained in a will or any other document. Further, Joint Tenancy means that all parties own the property together in equal shares, so if there are 3 owners they are all equal owner. Joint Tenancy is typically, but not always used in a situation where the owners are part of the same family. There is no right of survivorship with Tenants in Common, so when a person passes away the property is disposed of in accordance with their wishes typically expressed in a will. Further, the parties may own an unequal interest, such as 99%/1%. Tenants in Common is more frequently used in either a situation where the buyers are business partners, not life partners, or where the parties are trying to minimize the Property Transfer Tax. If unsure of which you prefer please let us know in the Additional Comments section and we will discuss this with you further.
Joint Tenants contains a right of survivorship, so that if one person passes away his or her interest in the property passes to the other, regardless of what is contained in a will or any other document. Further, Joint Tenancy means that all parties own the property together in equal shares, so if there are 3 owners they are all equal owner. Joint Tenancy is typically, but not always used in a situation where the owners are part of the same family. There is no right of survivorship with Tenants in Common, so when a person passes away the property is disposed of in accordance with their wishes typically expressed in a will. Further, the parties may own an unequal interest, such as 99%/1%. Tenants in Common is more frequently used in either a situation where the buyers are business partners, not life partners, or where the parties are trying to minimize the Property Transfer Tax. If unsure of which you prefer please let us know in the Additional Comments section and we will discuss this with you further.
Joint Tenants contains a right of survivorship, so that if one person passes away his or her interest in the property passes to the other, regardless of what is contained in a will or any other document. Further, Joint Tenancy means that all parties own the property together in equal shares, so if there are 3 owners they are all equal owner. Joint Tenancy is typically, but not always used in a situation where the owners are part of the same family. There is no right of survivorship with Tenants in Common, so when a person passes away the property is disposed of in accordance with their wishes typically expressed in a will. Further, the parties may own an unequal interest, such as 99%/1%. Tenants in Common is more frequently used in either a situation where the buyers are business partners, not life partners, or where the parties are trying to minimize the Property Transfer Tax. If unsure of which you prefer please let us know in the Additional Comments section and we will discuss this with you further.