How to take title

There are several ways of taking title to property in Ontario, with the two most common being joint tenancy and tenancy in common. Joint tenancy means that two (or more) people jointly own the entire interest in the property. If one joint tenant dies, the other becomes the sole surviving owner of the entire property. Tenancy in common means that each party owns a defined percentage of the property. If one tenant in common dies, his or her interest in the property passes through his or her estate. Which type of ownership you choose will depend on your personal situation and should be discussed with your lawyer before you sign your paperwork.