Ontarians' need to know the laws of Joint Property Ownership!

Joint ownership of property is a popular and effective way to own real estate, but it also comes with unique rules and responsibilities. All Ontarians who are considering joint property ownership should be informed of the laws and implications that come with such an arrangement.

When it comes to joint property ownership, the law states that each owner has equal rights to the entire property. This means that every co-owner can make decisions about the use and management of the property without consulting or obtaining permission from any other owners.

Each owner is also responsible for taxes, including land transfer tax, property tax, and capital gains tax, on their portion of the property. Furthermore, if any repairs or renovations are made to the property with funds that come from individual owners rather than a joint account, each owner will be responsible for claiming their contributions as an expense on their taxes.

It is important to remember that although tenants in common own the property jointly, each owner owns a specific portion of the property and can do with it as they wish. This means that an owner has the right to sell their portion of the property or pass it on to their heirs without consulting any of the other owners. It also means that if one owner dies, their portion of the property is not divided among the other owners but instead goes to their estate or designated heirs.

If you are involved in a dispute with another owner of a property, it is important to seek legal advice. Depending on the nature of the dispute, you may need to turn to the court system for a resolution. We have extensive experience with a Real Estate Litigation Firm located in Toronto serving all of GTA and Ontario and can provide you with the guidance and advice necessary to protect your rights. With our help, you can ensure that any dispute is handled in a fair and equitable manner. Contact us today to protect your rights. We look forward to the opportunity to serve you!