Sometimes, when it comes to real estate titles, there arises a question of Joint Tenancy vs. Tenants in Common in Surrey, BC. From the two options alone, there might not seem like much of a difference, but on paper, choosing one over the other could make a huge difference when it comes to owning your home. Having a notary public to distinguish the differences and map out the details for you is beneficial so that when you put your name on the dotted line, you do so with the proper filing.
First, let’s examine Joint Tenancy, which is in step with the right of survivorship when it comes to personal property. Basically, this means that in the event of your death, instead of your property being distributed equally to your heirs, ownership would fall based on the other owners of a Joint Tenancy vs. Tenants in Common in Surrey, BC. Under a Joint Tenancy, all parties would have equal access to the home and an equal stake in ownership. When it comes to determining who owns the property outright, it’s literally a situation of last man standing: whoever is alive longer owns the space!
Tenants in Common are most beneficial when you’re not looking to have an equal stake in a property investment with someone. For example, if you buy a home with someone and contribute 75% of the funds, you should be entitled to more than half of a stake in the home. Tenants in Common would delegate that you have more of a right to the property than the other person who invested—which is called fiscally appointed interest in the property. Also in this case, in the event that you die, your portion of ownership is transferred down to your heirs, which is not the case in a Joint Tenant situation.
So what’s the right thing to do? How should you go about managing your living space? It’s best not to apply for Joint Tenancy unless you are doing so with someone you’re currently married to, someone you’re related to or someone with an equal amount to lose in the situation. If instead you’re someone who’s casually living with someone else, going in on an investment with a friend or just looking for support from someone, it’s better to go the route of Tenants in Common in Surrey, BC, or maybe just avoid your investment overall.
Having a notary public to explain the ins and outs of Joint Tenancy vs. Tenants in Common in Surrey, BC in person makes it a whole lot easier to understand the ramifications of what it means to delegate property between two or more people. Not understanding the risks associated with Joint Tenancy vs. Tenants in Common or the ramifications that can play out in the event that they come into question could leave you in a sticky situation! Know your options and better yet, know the consequences: talk to Jennine Fitterer and make sure that you’re on the right path to a bright future with your real-estate!