Joint tenants and tenants in common are the two primary ways in which individuals can own property together, with significant legal differences regarding ownership rights and inheritance.

Couples, friends, or business partners purchasing property together must decide whether to hold the property as joint tenants or tenants in common, each with different implications.

This decision is made during the conveyancing process, and the legal structure is put in place at the time of purchase.

Lawyers explain the differences between joint tenants and tenants in common to help buyers choose the right ownership structure. As joint tenants, co-owners have equal ownership rights, and upon the death of one owner, their share automatically passes to the other. As tenants in common, each co-owner has a defined share in the property, which can be left to heirs or sold independently. Legal professionals draft the necessary agreements to reflect the chosen ownership structure and ensure that the interests of all parties are protected, including drafting declarations of trust where needed to clarify the shares owned by each party.