Ontario, Canada Tenant in Common Question

[leviate]

Hello,
Prior to my parents passing, my father tranferred ownership (sold for $2) the family cottage to myself and my two siblings.

I am interested in new construction on the land for my growing family. There is enough land for a new cottage to neighbour the existing building.

My question is: Can a tenant-in-common agreement be created which identifies ownership rights of the individuals? I would prefer a situation which outlines individual ownership of each specific building. I would like an arrangement where the three siblings remain tenants-in-common on the land, but individual, exclusive ownership is identified for each individual building.

As I said the land is large enough to support three families, but I would like to build a specific cottage I can pass on solely to my kids without the hassle and grief of it being willed to extended family members.

Thanks,
John

[AFFA]

I wish to inform you that by Tenancy in Common you can distribute the share which may be kept by each individual. Tenancy in common will mark the share of parties. The benefit of tenancy in common is that you can mention who will take your share and thus your children can take their share. If you desire and all the parties agree then you can also partition the shares and this may result in division of property and complete title to property will be available with you.

AFF

[Friend In Court]

Originally Posted by leviate Hello, Prior to my parents passing, my father tranferred ownership (sold for $2) the family cottage to myself and my two siblings. I am interested in new construction on the land for my growing family. There is enough land for a new cottage to neighbour the existing building. My question is: Can a tenant-in-common agreement be created which identifies ownership rights of the individuals? I would prefer a situation which outlines individual ownership of each specific building. I would like an arrangement where the three siblings remain tenants-in-common on the land, but individual, exclusive ownership is identified for each individual building. As I said the land is large enough to support three families, but I would like to build a specific cottage I can pass on solely to my kids without the hassle and grief of it being willed to extended family members. Thanks, John

If the entire property is held as tenants in common, that means undivided ownership of all the land and the buildings that sit upon in. To try to set up a situation where individuals own the buildings individually, but the land is held as tenants in common can become a very sticky problem in the future. Since these are homes, one cannot anticipate living on the property forever but the day coming when one or another will want to sell to a third party, unrelated to all of you.

My suggestion is that you all get together and subdivide the property into individual plats so that house and land for each is titled separately. That way you will be free to build and then convey as you individually wish.

The only other approach I can think of is a land lease situation where all would lease the land under the buildings to a joint pool, proceeds to be divided back after paying annual holding costs like taxes, assessments, etc. But that is a complicated way of doing things and still will not allow the family members the autonomy every family needs.

"Every man's home is his castle." He should be king and not part of a parliament when it comes to owning and making decisions about his castle.