Types of Home Ownership

Legal Moment on FRESH RADIO


[phone ringing]
Receptionist: Cohen Highley
Announcer: And now the Cohen Highley Legal Moment on Fresh Radio.
Announcer: I’m here with Nicole Fillmore from Cohen Highley Lawyers. Are there different types of home ownership for a couple?
Nicole Fillmore: Yes. Two common types are joint tenancy and tenants in common. How you are registered on title effects what happens to your share of a property after you die.
Announcer: Okay, start with joint tenancy
Nicole Fillmore: In a situation where two people are registered as joint tenants on title to a property, and one dies, the deceased person’s share of the property will vest automatically in the survivor by right of survivorship.
Announcer: And with tenants in common?
Nicole Fillmore: There is no right of survivorship. If one tenant in common dies, that deceased person’s share of the property forms part of their estate.
Announcer: What is the purpose of tenants in common then?
Nicole Fillmore: Someone may want to leave their share of a property to someone other than the person holding title with them. Business partners, for example.
Announcer: Okay, so how does a tenant in common ensure their share of a property is left to the right person?
Nicole Fillmore: This can be done through a will.
Announcer: Thanks Nicole. This has been the Cohen Highley Legal Moment. cohenhighley.com
Singers: Cohen Highley, we’re listening.

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