Just as there are many different types of homes, there are also many various types of residential property ownership, ranging from the traditional, complete Freehold to a range of collaborative and extended lease alternatives.
Freehold:
The common notion of complete ownership is this sort of ownership, often known as fee simple. The owner of the freehold or fee simple interest has acquired entire ownership over the land and buildings on it, subject only to any Crown rights and local by-laws.
Strata Title:
This is a type of integrated freehold ownership that applies to condominiums. The owner has title to and consequently ownership authority over a specific housing stratum lot unit, such as an apartment or townhouse. These homes are always part of a larger property, known as a strata project, which comprises other comparable residential units. There is a proportionate share of ownership, accountability, and shared use of the numerous “common property” areas such as garages, halls, lawns, elevators, and roadways in this kind of ownership.
Cooperative:
In contrast to the more frequent strata title, all owners in a shared group of residential units own a proportionate part of the whole project in this case. No individual owns a particular home altogether, but rather shares equally with other owners and is allotted a specific unit by the cooperative association.
Leasehold:
This is a long-term renting of a home, generally measured in decades. This type of ownership is most commonly used for residential units placed on municipal or First Nations property.
Common tenancy and joint tenancy:
When more than one individual owns a property, it can be divided into two categories: Tenancy in Common and Joint Tenancy. The major distinction between these two categories is known as the right of survivorship. Living members of a Tenancy in Common do not have survivorship rights, but surviving members of a Joint Tenancy have. The tenancy is a type of tenancy. In most cases, an individual’s share of ownership of a certain property is included in the estate and dealt with in the will. The individual’s portion of ownership in the form of Joint Tenancy does not become part of the total estate and instantly goes on to the other members of the Joint Tenancy.
If you want your portion of a property to be under your control as part of your will, the Tenancy In Common arrangement is the way to go.
