Queensland Vendor Finance Lawyer

  Joint Tenants or Tenants in Common is a widely misunderstood concept and is often confusing to buyers when they are deciding on which of these options best suits their needs. Understanding the difference between Joint Tenants and Tenants in Common is extremely important considering the legal implications that can arise with either option. Let’s look at the differences… The first question is, how much interest does each buyer intend to hold on the  property ?  For example – does one buyer intend to hold 100%; each buyer 50%; or different shares such as 80/20.  Another thing to consider is in the event that any of the co-owners pass away, what do the other parties intend to happen? Do they intend for the deceased’s share in the property to be automatically transferred to the surviving parties? Joint Tenants A Joint Tenant is a common option for married or  de-facto couples . It allows two or more persons to own property jointly as one single owner. A joint tenan...

  There are 2 Alternative ways to own  Property in Australia : Joint Tenants vs Tenants in Common In a Joint Tenancy, all of the owners own the entire property. If one of them dies, the survivor(s) remain the owner of the property – it does not matter what any Will might say until there is only 1 registered owner. In a Tenancy in Common, each owner has a defined share – 50%, 30%, etc. If an owner dies then their share in the property passes accordingly to the terms of their Will, or if they do not have a Will, according to the rules about intestacy. (Joint Tenants v Tenants in Common) If you don’t know what your ownership details are, we can do a Title Search and find out for you. It is possible to change from one type of ownership arrangement to the other, although there could be some stamp duty to be paid depending on your individual circumstances. You will need to make your own arrangements for connecting electricity, gas, telephone, internet, pay-TV services, and other uti...