When buying a residential or a commercial property with another person, how the parties determine the ownership is very important, and it is therefore vital to have an understanding of the different options available. There are two options that need to be considered: They are slightly confusing terms, as many people (particularly first-time residential buyers) may normally associate the word “tenant” with someone who is renting a property. The main reason to be clear on which option you choose is because it may well determine what happens to the property if one of the owners dies, or (if you are an unmarried couple) you separate. Part of the consideration should also centre around how much each party is contributing to the purchase. Do you wish for this share to be reflected moving forward? Tenants in common Tenants in common is … Continue reading →