Joint Tenancy vs Tenants in Common

[llee]

Hi,
I`d like to get your opinions on joint tenancy vs tenants in common in Ontario, for 2 individuals who have paid 50%-50% on an investment property.

From what I read, tenants in common is clean and safe. Person A and B each owns 50% of the property, and if Person A dies, the property in land held is either inherited by heir of Person A or acquired by devise. My question is, what if the heir of Person A wants to get the profit by selling, but Person B does not want to?

However, one lawyer said "joint tenancy" has an advantage because it`s flexible. He suggested that if Person A dies, Person B will continue as holder of the property in land. But Person A and B can have an "agreement" in advance, saying if one dies, the property will be sold at an average price of three appraisers. Person A will also get life insurance for Person B (and vice versa) to cover any expense.

Does anyone have have comments or is experienced in this area?

Cheers.

 

[invst4profit]

If the heir wants to sell they can, through the courts, force a sale.
It is quite common in the case of partnership break ups
with the property in both names for one to want to sell and not the other.
The courts will favor the sale of a joint property over forcing individuals
not wishing to be partners to have to remain tied to a common property.