Is Joint Property Ownership Right for You?

Friends are enjoying a cozy gaming session with pizza and snacks, capturing the excitement of friendly competition.

For many, buying a home alone feels out of reach. Rising prices and higher mortgage rates have kept countless people stuck paying rent. One solution that’s gaining popularity is joint property ownership. While traditionally this has meant buying with a spouse or partner, more friends and relatives are teaming up to purchase homes together.

Before you decide if co-ownership is the right path, let’s look at the benefits, risks, and how it works.

Why Consider Co-Owning a Home?

Joining forces with friends or relatives can help you:

• Gain stability and enter the housing market sooner

• Qualify more easily for a mortgage

• Share the down payment and monthly mortgage costs

• Split utilities and household expenses

• Build wealth through shared home equity

Of course, co-ownership also comes with unique challenges—especially when it comes to rights, responsibilities, and selling later on.

Common Ways to Hold Title

The way you take title matters. Here are two of the most common co-ownership options (check your state laws for specifics):

Tenancy in Common (TIC)

• Each co-owner holds a share of the property (not always equal).

• All owners have the right to use and occupy the home.

• A co-owner can sell or transfer their interest independently.

• Upon death, that owner’s share passes through their estate (not automatically to the other owners).

• Disagreements over selling, improvements, or use may require legal resolution (such as a partition action).

Joint Tenancy (with Right of Survivorship)

• All co-owners hold equal shares and must acquire title at the same time.

• If one owner passes away, their share automatically transfers to the surviving owners.

• Breaking the “four unities” (time, title, interest, possession) converts the ownership to a TIC.

  
  

Best Practices for Successful Co-Ownership

Before buying with friends or family, have open conversations and get professional guidance. A real estate attorney can help you draft a written agreement covering:

• How you’ll take title

• Each co-owner’s financial responsibilities (down payment, mortgage, taxes, upkeep)

• What happens if someone falls behind on payments

• How to handle a sale, buyout, or death of a co-owner

Clear expectations protect both your investment and your relationships.

The Bottom Line

Co-owning property can open the door to homeownership and long-term wealth building—but it requires careful planning. The Kobold Team understands the value of protecting property rights and guiding clients through every step of the process.

If you’re considering joint ownership, we’re here to help you navigate title, escrow, and home-buying decisions. Contact The Kobold Team today to get started.

This article is for educational purposes only and not legal advice.