Property
8. Concurrent Ownership
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 12 Jul 2015
- There are two common ways to for two or more people to own property together.
- The first method is a joint tenancy. A joint tenancy occurs when two or more people own a property and each owner shares the ownership equally and collectively. If one owner dies the other owners automatically acquire in equal shares the deceased owner’s interest. An owner cannot dispose of their interest in the property to another person under a will.
- The second method is a tenancy in common. A tenancy in common occurs where two or more people own property in common but each owner holds their individual share outright. For example owner A will hold 75% and owner B will hold 25%. Each individual interest is clearly defined. When one owner dies their interest in the property is disposed under their will or under laws of intestacy. The surviving owner does not automatically acquire the deceased owner’s interest.
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