The persons involved in shared ownership of a property by two or more people, each of whom have
an equal undivided interest and survivorship rights.
Where joint tenants own property, there is no discretion for an ownership split other than equal shares.
In addition and potentially the most important feature of joint tenancy is the right of survivorship. If
one owner dies, their share is automatically entitled to revert to the surviving owner(s).
There is an important difference between Tenants in Common and Joint Tenant ownership and if you
do not specifically stipulate a request for ‘tenants in common' on a transfer title, ‘joint tenancy' will
prevail. Once settlement has taken place, a transfer document is lodged at the Lands Titles Office.
This will also state how the purchasers are to hold the land.
Joint Tenant ownership is more commonly used by married couples and families, particularly in the case
of the matrimonial home, as ownership passes directly to the survivor on the death of the other joint
tenant. Unmarried couples need to consider carefully whether property should be held as joint tenants
or as tenants in common.