Many people own property with another person in a co-ownership arrangement. Spouses or partners typically own their residence together in joint names, family members; or friends may own a property together for investment.
An important issue to consider upfront when buying property are the consequences of when a co-owner dies. How the property is owned between people, that is, its tenancy, can give very different outcomes on death. Ideally these should be considered at the time of purchase.
Questions to ask include who can take a co-owner’s interest when they die? Would this be what they want to have happen? If not, can they state their intention in their will? Or is the property owned in a way that on death the interest automatically passes to the survivor/s outside of a will, as in joint tenancy? This article looks at tenancy issues. More