If you own a property with another person, title can be held one of two ways:
Joint Tenants
This is the most common way for legally married spouses to hold ownership of their home in Ontario.
If one of the Joint Tenants dies, there is a right of survivorship and the remaining owner continues as sole owner.
Probate is not required.
Tenants In Common
Each owner has a divided interest in the property. It does not have to be equal ownership.
When one of the Tenants In Common dies, their interest passes to their Estate, rather than to the surviving owner.
Probate is required, as someone must be deemed to have the legal right to deal with the Estate.
It is best for this type of co-ownership agreement to be spelled out in advance at the time of purchasing the property, regarding what happens if one owner dies or one owner wishes to sell and the other does not.
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