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Buy Property as Joint Tenants, Regardless of Relationship Status

Now more than ever roommates and close friends are coming together to enjoy the benefits of homeownership. Why wait to get married to invest in a property?

You may have met them on craigslist, at college, work, or in grad school! Regardless of where you meet, your roommates often become your closest friends! Cooking dinners together, laughing at movies, and sharing life achievements, often roommates can feel like family. Now more than ever, roommates and close colleagues are purchasing homes together to share the benefits of home ownership over renting. For starters, no more landlords!

Joint Tenants, Regardless of Relationship Status.


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The Process 

You and your chosen roommate can embark on the journey of purchasing a home together as joint owners. The process is straightforward: simply determine the preferred form of ownership — whether as tenants in common or as joint tenants with the right of survivorship — to be reflected on the property deed.


As tenants in common, both parties hold distinct shares of the property, granting each the right to use it and make independent financial agreements. Importantly, either co-owner retains the option to sell their share to a third party or pass it down to heirs, ensuring flexibility and autonomy in property management.

Alternatively, joint tenancy with the right of survivorship (JTWROS) establishes specific requirements, including simultaneous title acquisition using the same legal instrument. Each joint tenant maintains an equal interest in the property and enjoys equal usage and profit-sharing rights. However, unlike tenants in common, shares cannot be sold or inherited, with ownership automatically transferring to the surviving tenant(s) upon the death of a co-owner.

Benefits of Joint Ownership  

The benefits of joint ownership are endless, provided both parties approach the arrangement with transparency and a willingness to grow together as first home owners. Shared debt on the property makes homeownership more financially feasible, while building equity contributes to greater long-term financial security. Moreover, a clear deed outlining ownership rights protects the interests of both co-owners, fostering a mutually beneficial homeownership experience.

Future Investment Rental Income 

You may decide at some point in the future to use the property as a rental unit for investment purposes! With rental rates just going up, this is a great way to create passive income for both you and your roommate. Although a bittersweet moment, marketing your home as a rental unit may be a wonderful opportunity when one roommate decides to move out, taking with them  both great memories and home ownership experience!


Buying a home is no easy process. If you are considering buying jointly be sure to consult a Berkshire Hathaway HomeServices Robert Paul Properties agent and your attorney to fully understand the legal ramifications of your joint ownership.