When more than one person is buying a property the following options are available:-
a). Life tenancy – Where one or more of the registered proprietors hold a life interest in a property this/these person/persons are called life tenants and have the power to transfer, sell or mortgage the property without having to get the permission of the remainder men.
b). The endorsement on the title will read as follows “ To ABC, Teacher and DEC, Police Officer both of 10 Black Road, Kingston for the term of their natural lives and after death to FGC, Student over the age of 18 years and HIC Student born on the 10th day of May, 2000 both of 10 Black Road, Kingston 1 as joint tenants.
c). The advantage of this situation is that it enables the life tenants to freely deal with the property during their lifetime but prevents the need for an application for probate on the death of the life tenants.
d). Joint tenancy – Where persons are registered as joint tenants the law of survivorship applies. This means that where one joint tenant dies the surviving joint tenants will be entitled to the property. This means that a joint tenant cannot will his/her share unless he/she is the last remaining joint tenant.
e). Tenancy in Common – Where persons are tenants in common each person is free to will his/her share of the property. Where a tenant in common dies his portion of the property will fall to his/her estate and be distributed according to the terms of his/her will or according to the laws of intestacy. Tenants in common can hold a property in equal shares or in unequal shares.
