Every lender has their own terms and conditions, and this is intended only as a general guide to understanding this topic. Contact us to discuss your individual circumstances.
All partners own the whole property in equal shares. Each joint owner has an equal right to possession of the whole of the property, but not a right to exclusive possession.
If one owner dies, their share passes automatically to the other owner, overriding any will to the contrary.
Most married couples, and many de facto partners elect to register this property as “joint tenants”.
It can be difficult to dissolve the ownership if one owner would like to sell and the other doesn’t.
Tenants in common
Property held in the names of two or more persons, in which each has a separate and distinct share. The shares may be equal or unequal. When one person dies their share is not passed to the survivor(s) but can be left to beneficiaries other than their co-owners.
This form of co-ownership can be used when the owners wish to have control over who will inherit their share
✓If there are children from a previous marriage
✓If friends, family members or business acquaintances purchase a property together, and want to determine who would inherit their share.
✓If the initial contribution towards the purchase is unequal, and the ownership needs to reflect this original difference.