When buying a property with another person or persons, the buyer will need to choose how the property ownership is shared. There are two ways in which this can be done, which is as Tenants in Common or Joint Tenants.
With Tenants in Common ownership, the property can be owned in equal (50/50) or unequal amounts (70/30, 60/40, etc.). It is worth noting that with this type of agreement, that should one of the parties pass away then their share of the ownership does not automatically pass to the other surviving owner or owners but instead becomes of the deceased person’s estate and it is dealt with in accordance with their Will, or under the rules of intestacy, if there is no Will in place.
With Joint Tenancy agreements, the shares of the property are distributed equally between the parties. When one of the parties passes away, that person’s shares in the home pass to the surviving owner or owners.