A very important difference in ownership of property where there are two or more owners is Joint Tenancy v Tenants in Common.
It is essential to understand the difference when and if you buy property with another person.
If you own a property as Joint Tenants and one of you dies the property automatically passes to the survivor regardless of what is in the deceased’s Will.
Typically husbands and wives own property as Joint Tenants.
If you own a property as Tenants in Common and one of you dies the property does not automatically passes to the survivor. The property is dealt with pursuant to the person’s Will.
Typically siblings or friends may own property as Tenants in Common.
Often ownership as Tenants in Common is in unequal shares. For instance, person A may own 40% of the property as Tenants in Common, person B may own 35% of the property at Tenants in Common and person C may own 25% as Tenants in Common.
It is essential to obtain legal and other professional advice regarding how property is owned. For an obligation free discussion please contact us on (02) 9633 1826 or email reception@mcauleylawyers.com.au
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