What are Joint tenants and tenants in common ? If you and your partner have just thought about purchasing a property or are in the process of purchasing a property this is a question you will need to know the answer to. When you review your contract with your conveyancer you will be asked if you would like to purchase your property as Joint tenants or tenants in common.
Most people are not aware of this until the appointment and do not realise the implications of their choice. We at Conveyancers 365 endeavour to help you make the best choice for your current circumstances ensuring you have an easy transaction from beginning to end.
As like every person, buying a property is quite complex and it can be a stressful period. One of the biggest decisions you both have to make is whether you wish to buy the property as Joint Tenants, Tenants in Common in equal shares or Tenants in Common in unequal shares. In this article I will describe to you the differences between joint tenants and tenants in common.
It is important to pick your shares earlier on in the purchasing transaction. During your Contract Review with your Licensed Conveyancer they will describe the difference. This article is going to give you a clear understanding on the differences and describe what these mean in “layman” terms so that any persons,purchasing a Property can make an easier decision prior to signing on the dotted line.
It is important to understand, discuss and decide on your shares prior to completion date, as if you make the wrong decision it will cost time and money to amend your shares later on down the track. It is not impossible to change your shares, however, choosing the most suitable option early on will save you time and money and protect your best interests.