Arnold
CibbuanoJoint Names on Title Deeds
June 28th 2006 00:18
Joint tenancy is one of the most popular forms of property purchase. It is one of the most secure forms of purchasing a property as a partnership. This is because no one joint owner can mortgage or sell the property. Furthermore, each party has an equal share and right to the property. Should one of the owners die, ownership is immediately passed onto the surviving owner or owners. In the case of a title deed held in a single name, the property becomes caught up in a deceased estate scenario and taxes are withheld should the property owner die.
More than two names are eligible to be put on a joint title deed. Tenancy in common is usually the way joint ownership of property is handled within Australia. Tenants in common are eligible to sell or mortgage their share of a property. The inheritance of the tenants in common title deed is passed through a will. Tenancy in common is a good option when there are children from a previous marriage or you wish to isolate assets and define financial benefits to those in your will. Basically, if you own an asset, such as real estate with another person you can only own it in two ways: Joint Tenants or Tenants in Common.
If you own the property as Joint Tenants then when you die your interest goes to the survivor. Say you own a property with your partner as Joint Tenants. Say your partner dies. The law recognizes that you both own a property together as Joint Tenants. This means that your partners half of the property goes directly to you. It is not eligible to go into their Will. This is because the survivor gets the deceases interest in the house automatically.
There are a few tricks with Joint Tenancy. You need four things:
1. Acquired property at the same time. (If you get half and you partner gets their half a year later, then you can not own the property as joint tenants.)
2. Hold the same proportionate interest. (Both parties need to have a 50% share of the property. It does not work if you hold a 60% share.)
3. You need an “undivided interest”. (If on the title deed it said that one person was only allowed to use the garage and the other person got possession of the house itself, then the partnerships could not own the property as joint tenants.)
4. You need to have to want Joint Tenancy. If you request that the property be put in your names as Tenants in Common then it overrides the above 3.
If you don’t own the property as Joint Tenants then you own the property as Tenants in Common. If you own the property as Tenants in Common then when you die your bit of the land (e.g. 25% or whatever it is) goes according to your Will. Joint title deeds can be held between family members, with partners, associates or friends. You don’t need a legally recognized partnership to hold either a tenants in common or joint tenancy.
More than two names are eligible to be put on a joint title deed. Tenancy in common is usually the way joint ownership of property is handled within Australia. Tenants in common are eligible to sell or mortgage their share of a property. The inheritance of the tenants in common title deed is passed through a will. Tenancy in common is a good option when there are children from a previous marriage or you wish to isolate assets and define financial benefits to those in your will. Basically, if you own an asset, such as real estate with another person you can only own it in two ways: Joint Tenants or Tenants in Common.
If you own the property as Joint Tenants then when you die your interest goes to the survivor. Say you own a property with your partner as Joint Tenants. Say your partner dies. The law recognizes that you both own a property together as Joint Tenants. This means that your partners half of the property goes directly to you. It is not eligible to go into their Will. This is because the survivor gets the deceases interest in the house automatically.
There are a few tricks with Joint Tenancy. You need four things:
1. Acquired property at the same time. (If you get half and you partner gets their half a year later, then you can not own the property as joint tenants.)
2. Hold the same proportionate interest. (Both parties need to have a 50% share of the property. It does not work if you hold a 60% share.)
3. You need an “undivided interest”. (If on the title deed it said that one person was only allowed to use the garage and the other person got possession of the house itself, then the partnerships could not own the property as joint tenants.)
4. You need to have to want Joint Tenancy. If you request that the property be put in your names as Tenants in Common then it overrides the above 3.
If you don’t own the property as Joint Tenants then you own the property as Tenants in Common. If you own the property as Tenants in Common then when you die your bit of the land (e.g. 25% or whatever it is) goes according to your Will. Joint title deeds can be held between family members, with partners, associates or friends. You don’t need a legally recognized partnership to hold either a tenants in common or joint tenancy.
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