* Joint Tenants means all parties own the property in equal shares jointly. If one of the owners die, then their share automatically passes to the other owners (even if you have a Will that gives your share to someone else – your Will cannot override a joint tenancy)

* Tenants in Common means that you can choose to own the property in equal shares, or unequally. For instance, if one of you have contributed more monies to the property than the other, you could hold shares of say, 1/3rd and 2/3rds); If one of the owners die, your Will decides who gets your ownership share (it will not automatically go to the other co-owners as it would if you held as joint tenants).