Tenants in Common (v Joint Tenants)
PodProperty assists Tenants In Common (rather than Joint Tenants – see difference below) with Co-Ownership Agreements all around Australia.
- Tenants in common may hold a property in equal or unequal shares eg. 50/50 or 1/8 and 7/8ths.
- Tenants in Common own separate interests in the same property (kinda like owning shares in a company).
- Each person does not have exclusive possession of any part of the property.
This type of property co-ownership has many benefits including being able to bequeath the property in your will to whoever you like. Joint tenants hold the entire property jointly with another or others.
This type of holding is commonly used by married couples, not friends or family members.
In a joint tenancy, if one person dies, that person’s interest transmits to the survivor, even if the joint tenant who died had no will. Joint tenancy is the least flexible form of property co-ownership.
The co-owned property cannot be dealt with by either party acting by themselves.