Conveyancing Sunshine Coast – Joint Ownership in Property
When there are two or more Buyers purchasing a property, they will need to consider how they will jointly hold the property. After settlement occurs and registration of the new ownership is lodged with the Department of Natural Resources and Mines Queensland, the tenancy of the property will be reflected on the title.
There are two types of tenancy:-
- Joint tenants; and
- Tenants in common.
The differences are explained below:-
When a property is held as joint tenants, the property is not allocated into shares and all the registered proprietors own the entire property together as a whole. In the event of death of one of the registered proprietors, the share owned by the deceased person automatically transfers to the surviving owners. When a property is held “as joint tenants”, your ownership of the property cannot be transferred as per your Will.
Tenants in Common
When a property is held as tenants in common, the property is owned by each of the registered proprietors in defined shares. For example:-
John Black and Mary White are purchasing a property. John wishes to own a 75% share in the property and Mary wishes to own a 25% share in the property. The shares and tenancy would be registered on the property’s Title as follows:-
“John Black and Mary White as tenants in common in the shares of 75/100 and 25/100, respectively”
In the event of death of one of the registered proprietors, the share of the deceased person will not automatically transfer to the surviving registered proprietors. The share in the property of the Deceased person can be left to whomever they wish and their share would be distributed in accordance with the Deceased person’s Will.
For more information, please contact our Conveyancing Team on 07 5444 4750. Located in Maroochydore on the Sunshine Coast, Miller Sockhill Lawyers regularly advise clients on Property law matters.
Conveyancing Sunshine Coast Specialists.