There are two ways that people can co-own property: joint tenancy and tenancy in common.

Joint tenancy

A joint tenancy is where two or more people have an equal undivided interest in the property. In a joint tenancy, all owners together own the whole of the property – they do not own distinctive shares.

The practical effect of this is that (1) it is not possible to own the property in different proportions and (2) if one proprietor dies, their share automatically passes to the surviving proprietor(s) irrespective of the terms of the deceased person’s Will. This is called a ‘right of survivorship’.  This type of ownership is most common between spouses or family members. It is uncommon between business partners or in a commercial arrangement.

Tenancy in common

As tenants in common, each proprietor holds a specified portion of the property. The interests do not need to be equal. When a proprietor dies, their interest in the property forms part of the deceased’s person’s estate and is dealt with under the terms of their Will.

This blog post contains general advice and information that may not apply to your situation. You should seek legal advice in relation to your specific circumstances and situation.