For many families in New Westminster, Abbotsford and across the Lower Mainland, real estate is their most valuable asset. Planning how that property is owned, shared and eventually passed down is just as important as the purchase itself. A BC real estate lawyer at Cassady Law can help you structure ownership and co-ownership so your home supports your long-term goals and protects the people you care about.
Real Estate Planning in BC
High housing costs mean more people share homes. This includes multi-generational households, siblings or friends buying together, and parents helping adult children get into the market. Co-ownership is more common, but informal arrangements can become stressful and problematic if someone wants to sell or if the relationship between the parties breaks down.
Your Home Your Estate
Your home or rental property is a core part of your estate. The way it is owned affects who inherits, whether probate is needed and how smoothly things go after a death. The wrong structure can lead to unintended consequences, such as accidentally disinheriting a child from a previous relationship or forcing a sale when a co-owner passes away.
The Role of a Real Estate Lawyer
A real estate lawyer can provide you with comprehensive legal guidance and representation throughout the various stages of a real estate transaction. Their guidance safeguards your rights, addresses any potential issues, and ensures compliance with BC’s real estate laws.
Help Plan for Your Future – Ownership Structures
Co-Ownership Agreements
A co-ownership agreement sets out how shared property will be managed.
- Who pays what towards the down payment, mortgage and expenses
- Who decides on renovations, rentals, or sales?
- What happens if someone wants out, becomes incapacitated or dies?
Writing down these expectations helps you prevent misunderstandings from turning into disputes and gives everyone a road map when situations change.
Joint Tenancy or Tenancy in Common
When two or more people own property in BC, they usually hold it as joint tenants or tenants in common.
- Joint tenancy: A form of co-ownership where each owner holds an equal and undivided interest in the entire property. The key feature of this type of agreement is the right of survivorship. If one owner passes away, their interest automatically transfers to the surviving owner(s) outside of the estate or will.
- Tenancy in common: lets co-owners hold individual shares in a property. These shares can be equal or unequal, such as a 70/30 split or another agreed percentage. There is no right to survivorship. If an owner passes away, their shares become part of their estate and are distributed in accordance with their will or applicable law.
Joint tenancy works well for spouses. It lets the surviving partner own the full home and avoid probate on the asset. Tenancy in common often better for siblings, investment partners, or blended families.
Protect Everyone’s Interest
When all parties agree on a written plan, you eliminate assumptions about the agreed-upon ownership:
- Determines how equity is divided.
- Protects a parent’s ability to stay in the home.
- Fair treatment for children who are not co-owners.
Cassady Law Can Support Your Real Estate Plans
Cassady Law gives tailored legal advice to homeowners, families, and co-owners in New Westminster, Abbotsford, and the Lower Mainland. We help our clients with:
- Drafting and review of co-ownership agreements.
- Choosing and implementing the right ownership structure.
- Manage title transfers and ownership changes.
- Align real estate decisions with broader estate planning goals.
Contact Cassady Law today to discuss how your property can be protected now and in the future. Get the reassurance you deserve by working with an experienced real estate lawyer who will help you secure your plans and your family’s peace of mind.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. The information provided herein may not reflect the most current legal developments. For personalized legal advice, please consult with a lawyer.