Pros and cons of Joint tenancy and tenants in common

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