Buying fifty fifty

[fernfurn]

If we buy a block of land with both our names on the title (de fact relationship) then build a house on it, what are the ramifications long term. Is is then assumed the house is fifty fifty also. If one dies, does the house have to get sold and the profits divided between heirs? Should we be buying the land with tenants in common (or whatever the words are) first off?

 

[marg4000]

The title belongs to the land, so any improvements on the land are owned by the landowners as stated on the title.

If you buy as joint tenants and one dies, the survivor automatically inherits.

If you buy as tenants in common then each half is owned separately and can be left in a will to whoever the half-owner chooses, and can even be sold (but difficult to find a buyer).

Best to consider carefully before buying anything. Ownership can be changed later but involves further costs.
Marg