If you own a property
You can own a property underany of the following arrangement:
- ) Sole-ownership
- ) Joint tenancy
- ) Tenancy-in-common
Under a sole-ownership contract, the property is registered exclusively under the name of the owner and no other person has an interest in the property. Upon the death of the sole owner, his interest in the property will be distributed according to his Will, or if he dies intestate, it will be distributed according to Faraid.
Joint tenancy contract
Under joint tenancy, each of the co-owners own the whole interest in the flat and the right of survivorship applies. This means that upon the demise of any joint owner, his interest in the property would automatically be passed on to the remaining co-owner/s. This is regardless of whether the deceased joint owner has left behind a Will.
Under tenancy-in-common, each co-owner holds a separate and distinct share in them property (e.g. 70%-30%). The right of survivorship does not apply. Upon the demise of a co-owner, his interest in the property will be distributed according to his Will (if any). If he dies intestate (no Will), his interest in the property will be distributed to the beneficiaries according to faraid.
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