When two or more people move in together, ownership of a property is divided. Complications can arise when the owners want to sell the property if they separate or, if one of the owners dies. It is important to be clear about who owns how much of the house.
Whether you are married or just friends, any jointly owned property will be held as either joint tenants or tenants-in-common.
A joint tenancy means that each individual has joint ownership of the entire house. This is common for married couples as it means that if one person dies the ownership of the house will immediately be passed entirely to the widowed spouse.
Tenants in common also jointly own the property but each person owns a distinct share. This can be either an equal divide or different percentages depending on the level of investment. This means that each owner has the right to mortgage or sell their share independently. If one owner passes away, their share would be passed on to the other owner according to their will.
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