Things to consider when buying a property in Bermuda - "Tenants in Common" vs "Joint Tenancy"

"Tenants in Common" vs "Joint Tenancy"

If you intend to purchase your property together with another person in Bermuda you will be asked to decide whether you wish to purchase as Tenants in Common or buy the property in Joint Tenancy.

Simply put, if you are buying as Tenants-in-Common each person owns a share of the property and can give/bequeath their share to another person.

Buying as Joint Tenants you buy a property with one or more people subject to the law of survivorship.  If one person dies the property is automatically owned by the remaining people. No person has a specific interest in the property, they all own it equally together.

For more information on this or anything else to do with Real Estate in Bermuda please contact me at scranfield@brcl.bm