Both sides of joint tenancy

In Canada, people who jointly own property are either tenants in common or joint tenants. In the case of tenants in common, when one of the homeowners passes away, his or her interest in the property becomes part of his or her estate, whereas in the case of joint tenants, the right of survivorship dictates that the surviving homeowner becomes the sole owner of the property.

A joint tenancy agreement is generally signed by a married or common-law couple; thus, upon the death of the co-owner, the surviving spouse/partner inherits the property without lengthy and costly legal hassles.

However, it is not always couples who enter into this agreement.

I am the only child of a woman who died suddenly in 2008. She jointly owned a house with her friend—my godmother—and the three of us lived there from 1993. As I was a minor when they purchased the house, and my godmother was to have custody of me if anything happened to my mother, they signed a joint tenancy agreement to ensure that no one else could make a claim on the house.

When my mother passed away, based on conversations that I had with my godmother, it was my understanding that while the house now legally belonged solely to her, she was still keeping my mother’s interest in trust for me. It was also my understanding, based on conversations, that if she was going to sell the house, she would tell me. I continued to live in the house with her, contributed to the household expenses, cooked the majority of her meals, and even made phone calls on her behalf, as she is hearing impaired. I thought of her as my family and believed that she felt the same way, as my mother did when she entered into this arrangement in 1993.

In February 2011, I was out of the country and wasn’t scheduled to return to Canada for another five weeks. I was shocked to learn that the house I had been living in for 18 years had been listed with a realtor. When I asked my godmother why she had made this decision without mentioning anything to me, her response was simply, “It’s my right.” And when I asked about my mother’s share, she cited her rights as dictated by survivorship.

Joint tenancy gave my mother’s friend the right to more than triple her initial investment in this property. Furthermore, this agreement which was signed because there was a child who was supposed to be provided for was the same document used as a means of disinheriting that same child.

So, while joint tenancy benefits spouses and surviving partners, it can also benefit single people by providing them with the financial security that they have not offered themselves.

I lost my mother very early and unexpectedly and then I lost my godmother equally unexpectedly due to her greed for money.

Parents, please take this as a cautionary tale. Check your papers and see that your wishes are written down.