Joint Tenancy

If you decide to buy the property as Joint Tenants it is assumed that the co-owners will own the property in equal shares, even if you have contributed to the purchase in uneven shares. If one of you dies, then the deceased persons interest in the property automatically passes to the survivor and will not be affected by any will that may have been made.

Tenants in Common

If you decide to buy the property as Tenants in Common you can decide what proportion each person will own. So, if two people buy the property and one contributed more to the purchase price for example, then you may decide that the ownership should be split in unequal shares to reflect that.

If one of you dies, then the deceased persons share of the property forms part of his or her estate and does not automatically pass to the other owner.

It is extremely important to address this properly.