No, this has nothing to do with rental property and has everything to do with co-ownership.
When you buy property with another person you will have to decide how you will hold this property, together. Whether you pick joint tenants or tenants in common will ultimately depend on how your property interest will pass on your death, and will depend on a number of factors:
1. Will this property be your family home, that you intend your spouse to be able to live in even after your passed?
2. If the property is an investment, will you each take a predetermined share upon its eventual disposition.
3. Will you want to pass your share of the property on to someone other than the other co-owner?
When you are a Joint Tenant everyone on that title has an undivided interest. For example, married couples commonly own their home as joint tenants. This means that they own the home equally and not a percentage of it. Tenants in common is a more informal method of taking title in which each owner owns a specific percentage of the property. You could literally draw a line through the property to represent the share that each owner has in it. Note, you can still own the property equally even as a tenant in common however your interest is separate to the other co-owner.
Upon the death of a joint tenant the survivor will automatically assume the interest of the other by the rules of survivorship. On the other hand, upon the death of a tenant in common the disposition of this share will be determined by that parties will. This means that partners investing in property should have an agreement about what happens in these circumstances to ensure that the interest in the property is protected.
For more information contact the team at ACS Legal Solutions.