Home Ownership Options for Co-Owners

Thinking of buying a home with someone else? There are several ownership options to consider. When buying a home together, understanding the different types of ownership can make all the difference.” First up: joint tenancy. This is where co-owners have equal shares of the property with a right of survivorship. If one owner passes away, their share automatically transfers to the surviving owner. Next: tenancy in common. Here, each owner can have a different share of the property and there’s no right of survivorship. Shares can be passed on to heirs. Lastly: tenancy by the entirety. Exclusive to married couples, this option also includes the right of survivorship but adds protection against creditors. “Each type has its benefits depending on your relationship and financial goals.” To learn more about your rights as a co-owner of a home, head to LawInfo.com.