There are Two Types of Co-ownership:
This is usually the choice of married couples and each owner has an equal share of the property. Joint Ownership or Joint Tenants means that if one of the owners of the property dies, the property is automatically transferred to the surviving proprietor irrespective of what is stated in their own Will.
Ownership in Common
This is usually the choice of unrelated parties. It means that each owners share of the property whether they be equal or not is owned entirely by that owner and upon death can be transferred to whoever they please so long as it is stated in their Will. In this system of ownership, tenants can hold unequal shares and same can be noted on the Certificate of Title to issue in their names.
For further information or specific questions answered, please do not hesitate to contact us.