13 Oct How do you own your home?
In Ontario, the vast majority of residential real estate owned by 2 people is owned in one of two ways:
Joint tenancy – Each person owns an equal share of the property; an undivided equal interest. Upon the death of any party, the other party legally becomes the owner of that share automatically (after some government filings).
Tenants In Common – Tenants in Common do not have to hold equal shares in the property (i.e. it does not have to be a 50/50 split) and there is no automatic passing of the property to the survivor. For example, you could own two-thirds and the other party could own one-third, depending upon the amount of money you have each invested in the property. Upon the passing of one of the owners, their portion of the property becomes vested in their Estate. Tenants in common can sell, rent, or leave their share by Will to someone else, without the other owner’s consent.