Victoria Gordon

Beyond buying the home outright, parents could cosign their children’s mortgage, the lender may require that the parents are registered on title and the options for registration or as joint tenants or tenants in common.

What’s the difference?

With joint tenancy, two or more individuals hold equal shares of a property if one dies their share automatically passes to the other without probate requirements. With tenancy in common, each tenant owns a percentage of the property, if one dies their property percentage passes according to their will or intestacy laws.

How’s it handle this someone dies?

With joint tenants, a Survivorship Application can remove the deceased from title. With tenants in common, their percentage is dealt with according to their will or the Succession Law Reform Act Distribution Rules. If the children qualify for mortgage out of renewal the parents won’t have to cosign again.