Joint Tenancy. What Do I Need to Know?

When purchasing a property with another person, it is important to consider the best way to own your property. Whether you are purchasing a property with a partner, sibling/s or friends, it is important to ensure that the type of ownership agreement you select agrees with you. Correctly selecting your type of ownership may be helpful should one of you wish to relinquish your percentage or portion of ownership, or if one of you were to pass.

Joint Tenancy

Joint Tenancy requires co-ownership, with joint tenants holding equal shares of the property. When a joint tenant passes, their share is automatically passed to the  surviving joint tenant/s.

Tenants in Common

When a property is owned as tenants in common, each tenant owns a percentage of the property, and the share or each tenant must also be specified. When a tenant in common dies, their share passes to their estate and is distributed in accordance with their Will.

What Ownership Option is Best for You?

If you are unsure which option is best for you and your circumstances, our experienced and professional team is here to assist. For more information or to arrange a consultation, please contact our office on 02 6542 5566.

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This newsletter is intended to provide general information. You should obtain professional advice before you undertake any course of action.