If you are buying a property with two or more people, you need to choose how you hold ownership of that property. Your two options are Joint Proprietors or Tenants in Common. These are explained below. In Victoria, if you do not choose an option of ownership, you will automictically own the property as Joint Proprietors.
Joint Proprietors
Owning a property as a Joint Proprietors means that you own the property jointly and when a Joint Proprietors dies that person’s interest automatically passes to the surviving Joint Proprietor/s.
Tenants in common
Owning a property as Tenants in Common means you own a share of the property and when a Tenant in Common dies that person’s interest in the property passes according to their Will or the laws of Intestacy. The share of the property can be in equal shares (50/50) or unequal shares (60/40). The shares can be in percentages (60% and 40%), fractions (6/10 and 4/10) or decimals (0.6 and 0.4) but they must add to 1/10/100 and cannot be a partial amount (60.01/39.49).
If you would like further information regarding Joint Proprietors or Tenants in Common, please contact our office at info@conveyancingasssit.com.au.
