When purchasing property with another person, understanding how your ownership is structured is more important than most buyers realize. Two common forms of shared ownership in British Columbia are joint tenancy and tenancy in common—and the choice between them can affect what happens to your property in the future.
What Is Joint Tenancy?
Joint tenancy means that each owner holds an equal share of the property. The key feature is the right of survivorship—if one owner passes away, their share automatically transfers to the surviving owner(s). This type of ownership is common among married couples or long-term partners who want the property to transfer smoothly without probate delays.
What Is Tenancy in Common?
In a tenancy in common, each owner holds a specific percentage of the property, which doesn’t have to be equal. For example, one person might own 60%, while the other owns 40%. Unlike joint tenancy, there’s no right of survivorship—each owner can will their share to someone else. This structure is often used by friends, family members, or investors buying property together.
Why the Difference Matters
Choosing the wrong ownership type can lead to legal and emotional complications, especially when it comes to estate planning, relationship changes, or selling the property. A lawyer can help you decide which option best protects your interests and ensures your ownership aligns with your long-term goals.
Work With a Trusted Real Estate Lawyer
Before signing a property agreement, or if you want to change the terms of an existing property you own, it’s best to get clarity on your ownership rights. Our experienced legal team at Bell, Jacoe & Company in Summerland, BC, can guide you through every step of your real estate transaction, ensuring your investment and future are fully protected. Learn more about all our real estate services here.
Contact Bell, Jacoe & Company today to schedule a consultation and make informed, confident decisions about your property ownership.