So it has to be Tenancy-In-common. There is another type of joint ownership called Joint Tenancy where I suppose the ownership passes on to the other owners in case of a deceased owner. Can that be possible in our case? Also, when me and my husband jointly apply for home loan, will be father-in-law also needs to be a co-borrower?
Tenancy in common allows two or more people ownership interests in a property. Each owner has the right to leave his share of the property to any beneficiary upon the owner's death.
In estate law, joint tenancy is a special form of ownership by two or more persons of the same property. The individuals, who are called joint tenants, share equal ownership of the property and have the equal, undivided right to keep or dispose of the property. Joint tenancy creates a Right of Survivorship.
Your father in law has to be a co-borrower