Tenants in Common, Real Estate & Marriage
Updated: Feb 19, 2020
Many couples who purchase property together before getting married, take title as "tenants in common", meaning that there is no right of survivorship and should one of the parties pass away, their interest in the property passes through their estate.
On the contrary, when married couples purchase a property, they typically take title as "joint tenants", meaning that they have an undivided interest in the property and because there is a right of survivorship, the deceased spouse's interest automatically passes to the surviving spouse, outside of the estate without estate taxes (probate fees) being payable on that share.
If you and your spouse took title as tenants in common but subsequently got married and had children, this has ramifications on how the estate of the deceased spouse is administered and your children, not just your spouse, may also ultimately have an interest in the property.
If you are unsure of the manner in which you hold title to your property, you should review your Deed and ensure that your intentions are appropriately reflected.
Werhun Law is a law firm located in Etobicoke serving the Greater Toronto Area. Werhun Law provides services primarily in residential and commercial real estate, mortgages, commercial leasing, and wills and estates. If you have any questions or are in need of legal services you can contact us at email@example.com.
The information in this post is for general informational purposes only. It does not constitute legal advice and does not create a solicitor-client relationship.