In acquiring property in Jamaica requires careful planning and consideration, one such consideration is the type of tenancy one would embark on before such purchase. These include:
1. Sole Ownership
This occurs when a single person owns a complete interest in a property or asset.
2. Joint Tenancy
A joint tenancy occurs where two or more persons share equal, undivided interests in property. The essence of a joint tenancy is that there is one title and the joint tenants are collectively regarded as a single owner. Another important characteristic of joint tenancy is where on the death of one joint tenant, his interest automatically passes directly to the surviving owner and as such, the interest of an owner cannot be passed in a will or trust.
Tenants in common own an undivided interest in property between two or more persons. However, unlike Joint Tenancy, these interests can be own in different shares or percentages. A tenant in common can pass his or her interest to others by way of Will, trust or by gift. Therefore, the interest of a tenant in common does not automatically pass to the other owners. The choice in the type of tenancy is usually based on the method persons wishes
to dispose of their property on death. Therefore, in order to avoid, unforeseen complications that can arise when you have properties and assets, it is wise to be familiar with the different classifications of ownership.