Perhaps you’ve bought a property with a sibling or friend, instead of your spouse. Or maybe you have aspirations toward owning a second property later, under your spouse’s sole name. In these situations, it pays to be forward-looking: owning your property as tenants-in-common is sometimes the smarter choice. Here’s what you need to know about the two manners of holding:
Caveat:
This is a simplified explanation that shouldn’t be construed as actual legal advice. If you have concerns over your manner of holding, always consult a conveyancing lawyer; there are specifics and nuances to every case that could make them different. You can contact us, and we’ll put you in touch with the right professionals.
When is the manner of holding decided?
The question of joint tenancy versus tenancy-in-common applies when there is more than one owner of a property or land plot. Your chosen manner of holding must be made at the point of purchase, after which it’s lodged with the Singapore Land Authority (SLA) registry....