How Will You Register Title?

By: Joshua Campbell

How Will You Register Title?

Tags: lawyer, real estate, buying, toronto

1 minute read.

Whether or not you have ever purchased a home before, the way you register the ownership/title is something that never ceases to confuse people.  There are two major types of property ownership registration; Joint Tenancy and Tenants in Common...and yes, they sound like they could have an identical meaning, but in fact are quite different.  It is very important to know the difference between the two when it comes time to close on the purchase of your property.  What you choose will have a major impact when you go to sell the property especially in an unforeseen relationship breakdown or death.  Let’s take a closer look at each one:
Joint Tenancy:
In a Joint Tenancy arrangement, two or more owners of property all have the same amount of interest in the property.  Joint tenancy includes the right of survivorship which means that if one of the owners dies, the remaining owner or owners will continue to split equal shares.  For example.  If four people own a property, they would have ¼ of the ownership each, but if one owner passes away, it automatically defaults to the surviving owners now having 1/3 of ownership each. This is generally the most common choice made by married couples purchasing a family home.
Tenants in Common:
With a Tenants in Common arrangement, the parties to the agreement are registered owners as having an exclusive share to the property and there is no right of survivorship.  For example, if two people owned property together and one of them died, the person that passed away could potentially will their part of the ownership to someone else not previously involved in the property.  These circumstances generally come up in the case of a business arrangement or if a married couple purchases a property from one of their family members, like a multi-generational cottage, so that they can ensure that ownership stays within the family.
So how will you choose to register your ownership?  It’s a very personal decision between yourself and the person/people you are making the purchase with.  Make sure that all parties clearly understand the terms and that everyone is on the same page. If you need assistance navigating your options or if you have any questions about changes to your own on the title, feel free to reach out to us!

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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8




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