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How to take Title when co-buying a home: Joint Tenancy (JT) vs Tenancy in Common (TIC). Read on this huge wisdom.
When two or more people decide to co-buy a home—whether as romantic partners, friends, relatives, or even unrelated co-borrowers through a platform like co borrower hub—one of the most important ‘to-do’ on your checklist is how to take Title to the property with the other members.
Taking Title means establishing legal ownership of the property, and it affects everything from your rights during ownership to what happens if one person wants to sell—or dies. I know it’s kind of morbid to talk about dying, especially since we are about empowering people—but sometimes, it’s necessary to create a Will and establish a Trust. It’s about planning for the future and protecting your creativity and legacy, just in case the inevitable happens.
The two most common forms of co-ownership are Joint Tenancy (JT) and Tenancy in Common (TIC)
Let’s breakdown the difference:
- Join Tenancy (with Right of Survivorship) – Best for individuals who want equal ownership and automatic transfer of ownership if one co-owner evaporates.
- KEY FEATURES
- Each owner has equal ownership interest (50/50 if there are two co-buyers, 25% each if four, etc.)
- Comes with right of survivorship, meaning if one owner dies, their share automatically transfers to the surviving owner(s) outside of probate
- Owners must take Title at the same time and in the same deed
- Often used by married couples, life partners, or people with long-term commitment, and If I may add, it falls under the romantic category
- Some states permit UNILATERAL SEVERANCE OF JOINT TENANCY (WITHOUT NOTICE).
- PROS
- Simplifies inheritance—no court or ‘Will’ needed to transfer the property
- Equal control and responsibility
- CONS
- Cannot pass your ownership share to someone else in your Will
- May feel restrictive for co-owners who want diverse-shares/contribution or different exit plans
- KEY FEATURES
- Tenancy in Common (TIC): Best choice for co-owners who want flexibility, diverse ownership shares or contribution or the ability to pass their share of ownership to heirs or Trust.
- KEY FEATURES
- Owners can hold equal or unequal ownership shares
- No right of survivorship—when one co-owner dies, their share goes to their heirs or estate
- Each owner can sell, transfer, or mortgage their share independently (though practical limitations may apply, depending on signed shared agreement)
- Doesn’t require all parties to acquire Title at the same time
- PROS
- More customizable for co-buyers contributing different down payments or planning different timelines
- Ownership interest can be transferred in a will or living trust
- Better suited for investment-minded co-buyers
- CONS
- Death of a co-owner triggers probate UNLESS their share is held in a Trust.
- Textbooks describe that there may be more legal complexity if one co-owner wants to sell and others don’t.
- KEY FEATURES
Co-ownership is for the disciplined individuals. It’s for ‘achievers’ who set goals, put it in writing, and follow-through—no matter what. They don’t just dream of ownership—they build it for themselves.
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Which is right for you?
When deciding how to take Title, collaborate with your co-buyers and make sure everyone is on the same page on this.
- Do we want ownership to be equal?
- Do we want the property to automatically transfer to the surviving co-owner?
- Are we contributing the same down payment or planning the same exit strategy?
- Should our share be able to pass to heirs or Trust (yes)
- What’s our level of trust and legal commitment to each other?
Put everything in writing
Regardless of how you take Title, it’s wise to create a co-ownership agreement that outlines:
- Who pays what amount (down payment, mortgage, maintenance and HOA, taxes)
- Co-habitation agreement; price per square footage of every room
- Check the nuanced area of property law where you’re buying a property
- Exit strategies if one party needs out (for emergencies or deceased)
- Dispute resolution methods
- Buy-out options
Think of this as your CO-OWNERSHIP PRENUP—it protects the relationship and the investment.
Too often, people shy away from opportunity the moment it looks ‘complicated.’ They’re the naysayers. In reality, most things that generate lasting wealth—real estate, business partnerships, investments—come with some form of structure, strategy, and legal paperwork.
Study it, structure it, step into it, and stamp your name on that co-ownership Title!
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Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute professional financial, legal, or mortgage advice. While we strive to provide accurate and up-to-date content, we do not guarantee the completeness, reliability, or accuracy of the information presented. Mortgage calculations, lending guidelines, and related financial data may vary by lender, location, and individual borrower profiles. Readers are strongly encouraged to consult with a licensed mortgage professional, financial advisor, or legal expert before making any financial decisions based on the content of this blog. We are not responsible for any errors or omissions or for any outcomes resulting from the use of this information.
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