The key differences lie in how ownership shares are held and what happens to a co-owner's share when they pass away.
Joint-tenancy
All co-owners have equal interest in the property, regardless of how much each person paid towards the purchase. When a joint tenant dies, their share automatically goes to the remaining co-owner(s), even if they have made a will stating otherwise.
Tenancy-in-common
Each co-owner holds a separate and definite share in the property while having rights to use the entire property. Unlike joint tenancy, owners can hold different ownership percentages. For example, one owner may hold 50% while two others hold 25% each.
When a tenant-in-common passes away, their share does not automatically transfer to the other owners. Instead, it will be distributed on according to their will. If no will exists, the share will be distributed according to the Intestate Succession Act.
