Co-proprietorship, also known as co-ownership, is a form of property ownership in which two or more individuals jointly own a property. Each co-proprietor has a legal interest in the property and shares in the ownership rights and responsibilities of the property.
There are two types of co-proprietorship: joint tenancy and tenancy in common.
- Joint Tenancy: each co-proprietor has an equal share in the property, and if one co-proprietor dies, their share automatically passes to the surviving co-proprietor(s) under the principle of survivorship.
- Tenancy In Common: each co-proprietor can hold a different share in the property, and if one co-proprietor dies, their share can be passed to their heirs according to their will or the laws of intestacy.
In Malaysia, it is important to know that co-proprietorship runs in the form of tenancy in common.
Therefore, it is recommended that individuals create a Will to ensure that their wishes are properly documented and their assets are distributed according to their wishes, rather than relying on the Distribution Act 1958 itself.