Understanding your options for joint ownership is important. Once selected, the ownership structure needs to be reflected on the property deed.
Under joint tenancy, each co-owner has an equal and undivided interest in the property. Upon the death of one owner, their share automatically passes to the surviving owner.
Under tenants in common, each co-owner holds a certain share of the property, which can be equal or unequal. If the deed does not specify percentages, the co-owners are considered to have equal ownership. When one owner dies, their share passes according to their estate plan. Tenancy in common offers more flexibility, in particular for co-owners who are not spouses or close relatives, such as two families purchasing a second home together.
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