Purchasing a Property, Joint Tenants or Tenants in Common?

Joint tenants own a property jointly and is most commonly used by couples.

Tenants in common is where two or more people co own property in defined shares, either equal or unequal. This is most common when buying a property with family members, friends or business partners.

The main difference between joint tenants and tenants in common is what happens to your property after you pass away.

As a joint tenant, the right of survivorship is automatically applied.

As a tenant in common if you pass away, your share of the property does not pass to the surviving tenant. Your share in the property is passed in accordance with your Will and if you do not have a Will, then the rules of intestacy apply.