Pros and cons of Joint tenancy and tenants in common
Oct 17, 2023
It’s crucial to make informed decisions right from the start when venturing into the realm of property ownership, especially in collaboration with others.
Joint tenancy
Pros
Automatic right of survivorship
Simplifies transfer of ownership upon death
Less complex and less expensive compared to tenants in common
Cons
No flexibility in ownership percentages
Not suitable for parties who are not automatically entitled to a right of survivorship
Tenants in common
Pros
Flexibility in ownership percentages
Suitable for parties who are not automatically entitled to a right of survivorship
Cons
More complex and expensive compared to joint tenancy upon death
Requires a will or intestacy laws for distribution upon death