Co-Ownership of Real Estate: Understanding Joint Tenancy and Tenants in Common
Co-owning real estate with another person or group can be a smart investment strategy, but it’s important to understand the different co-ownership structures available to you and their respective pros and cons. Joint tenancy and tenants in common are two of the most common co-ownership structures, each with its own benefits and drawbacks.
Looking to co-own property with ease and security? Joint Tenancy is your answer! This structure grants each owner an equal share, with the added perk of automatic transfer of ownership to the surviving owner(s) outside of probate. This benefit makes it a popular choice for married couples and anyone seeking hassle-free transfer of property ownership. However, if you prefer maintaining separate ownership interests or have concerns about liability, there may be other options to explore.
Own property with friends or investors while maintaining separate ownership interests with Tenants in Common. Each owner has a specific percentage of ownership in the property, allowing for greater flexibility and control. In the event of an owner’s passing, their share passes to their heirs through probate. Choose Tenants in Common for a customizable and versatile property ownership structure.
At Cher, we offer services to assist individuals in navigating the complexities of co-ownership. Our skilled professionals can provide guidance on the differences between joint tenancy and tenants in common and assist you in determining which structure is best suited to your needs.
Whether you’re a married couple looking for a straightforward approach to asset distribution or a group of friends or investors seeking greater flexibility and control over ownership interests, we can help you make an informed decision. Reach out to Cher to learn more about our co-ownership options and how we can assist you in achieving your homeowner goals.