Types of Property Ownership in Alberta
- Sole Owner
Only one person has possession of the property. If they pass away, their Will or the “Intestate Succession Act” would be used to determine who has right to the property.
- Joint Tenancy
This is commonly referred to in a situation where spouses own a property together. If one partner was to pass away, the other would automatically get their share of the property. The process of transferring ownership is much more simple in joint tenancy than in tenancy in common.
- Tenancy In Common
Unlike joint tenancy where each owner has an equal share, in this type of ownership each owner owns a share of the property – equal or unequal. This is common for situations where unmarried couples, investment partners, or friends decide to purchase a property together.
This type of ownership allows partners to split their shares by different percentages. Here are some examples:
- Equal I...