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March 15, 2026 - 10:49 AM building for lease - alfieespino556@comcast.net For joint tenants, the owners each jointly own the whole of the property. This means that if one owner dies, the property automatically transfers to the surviving owner. This is regardless of what the will states. For tenants in common, this means that the property is held jointly but this can be reflected in percentage shares. For example, shares of 50:50 or unequal shares. On the death of one owner, the property does not automatically pass to the other owner. Their share passes to the beneficiary under their will. Particularly in the case of ownership of property as tenants in common, it is recommended that this is reflected in a Declaration of Trust or Cohabitation Agreement. This ensures provision is made for what will happen to the share each party owns. For married couples or civil partners, there may be occasions when, for one reason or another, the marital home is vested in the sole name of the other spouse. IP : 45.43.15.132 |