BUYING property with another person may appeal to some individuals.
If you are one of them and you decide to buy a property with someone else — be it your spouse, child(ren), business partner, or friend — one of the most important factors to consider is your ownership (holding) options, specifically whether the property will be registered as a joint tenancy or as tenants-in-common.
Attorney-at-law and adjunct lecturer at The University of the West Indies Kimberly L Taylor said, this decision is important because it has lasting legal as well as financial consequences during your life and upon your passing.
“If buying alone, there is no need for this consideration as you are deemed, sole owner. However, when buying property jointly, you have to know the difference between joint tenancy and tenants-in-common.
“You must put much thought into selecting the better option in how you will own property jointly, [because] there is no one-size-fits-all type of approach. The person investing in a property will have to decide, based on his or her situation — having considered the advantages and disadvantages of each ownership option — which option best serves their interest,” Taylor advised.
She explained that while joint tenants are similar to tenants-in-common in some ways, it is important that you and your co-buyer explore the specifics of each holding option.
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