Buying a property as tenants in common

If you are buying a property as tenants in common, it is important to be clear from the start to avoid issues later on.

The Law Society recommends that each person’s share is clearly agreed upon and set out in a deed of trust, signed by everyone involved. For registered properties, this can be included in Form TR1 or Form JO.

It is also key to explain to clients that, unlike joint tenancy, the property doesn’t automatically go to the other owner if one person passes away, and each person can own a different share depending on their contribution or agreement.

In cases where contributions are unequal or there might be concerns about undue influence, it’s wise for each party to get separate legal advice.

Read the full article:https://heyor.ca/4oyq5D

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