Joint Tenants Vs Tenants in Common There are two ways to own a residential or commercial property with someone else - as joint renters and as renters in common. There are key distinctions in between the 2. The right choice for you will depend upon your individual choices. What does it mean to purchase as joint tenants? When you purchase a residential or commercial property as joint renters, it suggests you both own the residential or commercial property equally. It does not matter if a single person has paid 80% of the deposit or is contributing more towards the mortgage repayments. As joint renters, your ownership is completely equivalent. Equal ownership Great deals of couples select to purchase a residential or commercial property together as joint renters. It appears like the obvious option when you are in a relationship, and typically there is little idea as to what might take place if things go wrong. However, it is worth considering that if you do different, the assumption is that you each own 50% of the residential or commercial property. This indicates the sale profits should be split evenly, or a single person should buy out the other's 50% share. Someone may feel aggrieved by this plan, particularly if he/she contributed more towards the residential or commercial property financially. For some separating couples, this disagreement has actually resulted in a lengthy legal fight. If you are buying a residential or commercial property with another person and you have actually made unequal monetary contributions, then you may be worried about a 50-50 ownership. If so, you need to consider buying as renters in common instead. Or, you can put a legal arrangement in place, such as a Cohabitation Agreement. This can detail how your assets are owned, and what need to take place to your financial resources if the relationship breaks down.