Are you considering joint property ownership? It’s crucial to recognize that the dynamics of co-ownership differ when purchasing a property with your spouse compared to acquiring it with a sibling. The realm of property co-ownership can be intricate, and understanding the various types is essential to steer clear of potential confusion in the future. Four primary approaches exist for joint property ownership: Tenancy In Common: In this form of ownership, co-owners don’t explicitly specify their shares during the purchase. Referred to as tenants-in-common, all co-owners enjoy equal rights while alive. If a co-owner passes away, their share doesn’t automatically transfer to the surviving co-owner. The property distribution depends on the terms outlined in the deceased’s will. Example: Sita, Geeta, and Anita collectively invested in a property. After Sita’s demise, her adopted son, Anil, inherits her share as specified in her will and becomes a new tenant in...
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