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Joint tenancy

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When you purchase with a spouse or partner, you commonly have joint tenancy. When one partner dies, the other becomes the sole owner. The ownership automatically transfers to the survivor without having to go through probate. This feature is known as the right of survivorship. A joint tenant cannot leave the property interest in a will to a third party. If you and your spouse divorce, or you and a partner have a falling out, you may not be able to sell a property held in joint tenancy. Depending on how you are listed on the title, you may need your spouse’s or partner’s consent to sell. A lawyer will be able to tell you what legal interest each of you owns and what other options are available to you.

Sell Your Home in Canada

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