Does anyone know what the advantages/disadvantages are of putting a house in "joint tenants in common"?

Answer 1

It means two parties have an equal share of the property in question as soon as the contract is signed.
It was a good way for same sex couples to own houses so that interfering families couldn't claim half the house if one partner died.
If 2 people bought a house in this manner but contributed different amounts towards the deposit, it means you would not be able to claim a greater ownership because you had paid more of the deposit.

Answer 2

Advantages are that if one of you should die, then the other is automatically the full owner of the property 100% rather than remaining a proportional owner.

The disadvantage as far as I am aware is that you are both equally liable to pay the full whack for the mortgage so if one defaults, the other must cover the outstanding amount. If one leaves the house, then the other is automatically liable for the full mortgage payment, no questions.

Answer 3

If I remember rightly this means that you are both owners of the same property. You can't even consider each of you owning half the property. In the event of one person dying the property automatically passes to the other tenant, and it cannot be willed in any other way

Answer 4

in case your homestead is in the U. S. you could record a acceptance replace on the county courtroom homestead to have your call extra to the deed. Then, if some thing takes position to the relationship and the different party makes a call to promote, both easily one of your signatures are required to promote the homestead. i'd not positioned your call on the non-public loan in case you could not get your call on the deed. then you quite are responsible for paying off a private loan on a resources that you do not have any rights to - no longer good.

Answer 5

It means two people will own it equally.