Joint Property Ownerships: The potential problems

Let’s first explain what joint property ownership is. If a property is held jointly with right of survivorship, when the first owner dies, the surviving joint owners in the normal course automatically become the owner of all of the property. So let’s say a brother and a sister own a house together. They each have two children. When the parents have both passed, they will each own a quarter of the property. There are potential problems with this though, and it’s usually due to a conflict of interests. If one individual want to keep the property but the others want to sell, the property will be sold, unless the one that wants to keep it can buy the others out, but of course a price needs to be agreed one. That can be the case if two want to sell, they can force the sale, so really it’s just a case of an individual or a couple of individuals in this instance feeling as though they’re losing control, and this can often cause disputes.