Joint Tenancy v. Tenants-in-Common

When it comes to real estate ownership, two common forms are joint tenancy and tenants-in-common. Understanding the differences between these arrangements is crucial for individuals involved in real estate transactions. In this blog post, we will explore the concepts of joint tenancy and tenants-in-common, shedding light on their distinct characteristics and implications. At Passgo, we provide exceptional real estate services including virtual signings, to ensure that you have the necessary legal guidance throughout your real estate journey.

Joint Tenancy: Shared Ownership and the Right of Survivorship

Joint tenancy refers to a form of co-ownership where two or more individuals hold equal shares of a property. One key feature of joint tenancy is the right of survivorship. This means that if one owner passes away, their share automatically transfers to the surviving owner(s) without going through the probate process. Each joint tenant has an equal and undivided interest in the property. This form of ownership is commonly used by spouses, partners, or family members who wish to ensure a seamless transfer of ownership in the event of death.

Tenants-in-Common: Independent Ownership and Divisible Interests

Tenants-in-common, on the other hand, involve co-ownership where everyone holds a distinct and divisible share of the property. Unlike joint tenancy, there is no right of survivorship in tenants-in-common. Each tenant-in-common has the freedom to transfer or sell their share independently without the consent of the other co-owners. This arrangement allows for more flexibility and can be advantageous for individuals who want to maintain separate interests or investments within a property.

Importance of Legal Guidance in Real Estate Transactions:

1. The importance of real estate advice At Passgo, we specialize in providing exceptional real estate advice. Whether you’re considering joint tenancy or tenants-in-common, our experienced lawyers deeply understand the legal implications and requirements involved in these arrangements. We offer expert advice and guidance to ensure that your real estate transactions are conducted smoothly and in compliance with laws and regulations.
2. Virtual Signings for Convenience: We offer virtual signing services as part of our commitment to convenience and efficiency. Our advanced technology allows you to sign important documents remotely, eliminating the need for in-person meetings. With our secure and user-friendly virtual signing platform, you can streamline the signing process and save time while ensuring the legal validity of your agreements.
3. Tailored Legal Support: Every real estate transaction is unique, and having the right legal support is essential. At Passgo, we provide personalized and comprehensive legal assistance to meet your specific needs. Whether you’re buying, selling, or entering a co-ownership arrangement, our experienced team is dedicated to protecting your interests, conducting due diligence, reviewing contracts, and facilitating smooth and successful transactions.

Conclusion:

Understanding the differences between joint tenancy and tenants-in-common is crucial when entering real estate co-ownership arrangements. Passgo is here to provide expert legal guidance and support throughout your real estate journey. With our extensive knowledge, virtual signing capabilities, and commitment to client satisfaction, we ensure that your real estate transactions are handled efficiently, protecting your rights and interests every step of the way. Contact Passgo today for reliable and tailored legal services.

Erin Crocker

Hi! I’m Erin Crocker. I’m a real estate lawyer with over 10 years of experience in Alberta and British Columbia real estate law. I love technology and efficiency. I’m on a mission to create a modern, digital closing experience for buyers and sellers through technology, transparency and sharing knowledge.