Types of Ownership:
HOW TO TAKE TITLE ON A PURCHASE
(Types of Ownership)
In Ontario (aside from sole ownership) there are two main ways for two or more individuals to own real estate. Each person involved in ownership in the transaction should obtain his or her own independent legal advice as to method of ownership and potential liability as an owner.
Under this type of ownership, each owner owns equally. Joint Tenancy typically means that, should a purchaser become deceased, the remaining purchaser(s) on title will inherit the deceased's interest in the property. Where one of the "joint tenants" dies, the surviving joint tenant(s) usually automatically becomes the owner(s) of the property no matter what a will might state. This is the manner of holding title most commonly used by spouses.
TENANTS IN COMMON:
Under this type of ownership each owner’s share can be different (e.g. John owns 90% and Jim owns 10%). Tenancy in Common means that should a purchaser become deceased, that deceased person's interest in the real estate will be transferred according to that person's will or, if no will exists, according to the Law of Ontario (if the real estate is in Ontario).