Types of Home Ownership
February 26, 2020
Legal Moment
Legal Moment on FRESH RADIO
Transcript
| [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 |
| [Music] | |
| Singers: | Cohen Highley, we’re listening. |
