Joint Tenancy Issues

Question:

I am about to list a property for sale, but when I checked there are actually three persons named as joint tenants. Only two are my clients

Answer:

The fact that there were three joint tenants immediately places you on notice.

This is not the usual situation with a husband and wife joint tenancy. The chances of severance are actually quite high. Were .any of the joint tenants married, was it a matrimonial home, was anyone ever bankrupt, was there ever any restructuring or creditor arrangements by reason of insolvency, is anyone the adult child of a parent? There are several other issues which are less likely, but these particular issues arise very, very frequently.

The consequence could be that you thought that you had joint tenancy, but now you don’t. So, be cautious about proceeding immediately to the next step without knowing the answers.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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