Joint tenancy, as it pertains to a rental
agreement, is a type of lease with two or more
parties leasing the premises with each taking full
responsibility for the terms of the lease and
payment of the rent.
Conversely, joint tenancy with regards to real
estate ownership often includes the words "with
rights of survivorship". Under joint tenancy
ownership, if one party survives the other, the
surviving party becomes the sole owner of the
property. This form of real estate ownership is
often used by married couples.
Joint tenants in a lease can also be called
co-tenants. The co-tenants each have access to
the property and share in the responsibility to pay
the rent and keep the property undamaged.
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Last month, our second bulletin dealt with the types of remedies that are available to a lender in Ontario when there has been a default under the mortgage that has not been satisfactorily resolved following notice by the lender.
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