Real Estate Services
Frequently Asked Questions
Joint Tenancy means that two or more individuals own property in equal undivided portions, with an equal right to use the whole property. When one joint tenant dies, the property is transferred to the surviving joint tenant. This is defined as the right of survivorship.
If two or more individuals own property as Tenants in Common, each individual holds a separate ownership share in the property. For example, one owner may have a one-quarter interest and the other three quarters. However, if one tenant in common dies, that individual’s share in the property becomes part of their estate.
This is the date when all the financial responsibilities regarding the property are transferred accordingly between the buyer and seller.
This is the date when the buyer is allowed to move in and the seller must leave.
This is the date when the real estate transaction is registered at the Land Title Office and ownership of the property is legally transferred between the buyer and seller.