Finally , always read the contract or contract note carefully. It is a legally-binding document. Understand the terms of the purchase, how the purchase price is payable, and when possession is to be given. Ensure that all the conditions you require are included in the contract. If you wish to buy the property with another person stipulate whether you wish to buy as tenants in common or as joint tenants.
Joint tenants own a share in property which is undivided.
On the death of one owner his or her interest automatically passes to the surviving owner. The interest in the property cannot be disposed of by will or deed. Tenants in common are one or more people entitled to occupy the whole of a property. The interest of a tenant in common is calculated on the basis of his or her individual contribution. There is no right of survivorship and the interest can be disposed of by will or deed.