Joint Tenants or Tenants in Common – what is the difference

 

Joint Tenants or Tenants in Common is a widely misunderstood concept and is often confusing to buyers when they are deciding on which of these options best suits their needs.

Understanding the difference between Joint Tenants and Tenants in Common is extremely important considering the legal implications that can arise with either option.

Let’s look at the differences…

The first question is, how much interest does each buyer intend to hold on the property? For example – does one buyer intend to hold 100%; each buyer 50%; or different shares such as 80/20. Another thing to consider is in the event that any of the co-owners pass away, what do the other parties intend to happen? Do they intend for the deceased’s share in the property to be automatically transferred to the surviving parties?

Joint Tenants

A Joint Tenant is a common option for married or de-facto couples. It allows two or more persons to own property jointly as one single owner.
A joint tenancy means that if one of the owners passes away, their interest in the property will automatically transfer to the other owners.

Tenants in Common

Tenants in Common allows two or more individuals to own shares or a fraction of interest in the property. Each owner will need to specify what percentages they will hold of the property. For example, they could own equal shares of 50% and 50% or unequal shares of 80% and 20%. For more than two owners, the shares could be split as 50%, 30%, and 20% for example, or any other percentages totaling 100%.

The effect of Tenants in Common is that if one of the owners passes away, their share will not automatically transfer to the surviving owners, but must be dealt with under the owner’s will. This is a better option for an owner if they prefer their share to be transferred to another family member for example rather than being transferred to the co-owners of the property.

For more information on Joint Tenants and Tenants in Common contact us.

Article Source: Joint Tenants

Conveyancing – The Importance of Property Searches

When purchasing your property it is important that searches are carried out to check that the seller has met their disclosure obligations, that warranties in the contract are correct, and to obtain the information required to assist in your conveyance. It is important to ensure that all searches relevant to the purchase have been considered and that the appropriate searches are conducted at the correct stage of the conveyancing transaction.

Ideally, you should consider conducting searches in advance of signing your purchase contract or prior to the contract becoming unconditional to ensure the best understanding of the property you are signing up to purchase before being ‘locked in’ to settle.

Certain searches should be conducted at the start of your conveyance and others will be conducted over the course and at the end of the conveyance. Although it is ultimately your decision as to when to conduct the searches, we recommend you have us carry out searches as soon as possible so that you are aware of your legal obligations and rights before they possibly expire and are well informed of the condition of the property.

Common points to consider about your property purchase (although not limited to those listed) are the accuracy of the lot’s position, investigating the actual and surrounding location and whether there are any current or future developments planned, and investigating any illegal or incomplete building or extension works to ensure final approvals are in order.

You should speak to your solicitor to start to look at which search options are necessary for you and discuss any property concerns or inquiries you wish to make to ensure that the results will not affect your purchase and any current or future plans you have for the property.

As your solicitor, we will conduct all initial searches on your behalf and then carry out further searches during the course of the conveyance.

If you wish to obtain a copy of our Search Cost Matrix prior to signing your contract to start looking at which property investigations are available and recommended to be made then please contact Libby Dessaix at (07) 3236 0001 for a FREE complimentary copy of the Matrix relevant to the area your property is located in (applies for all suburbs located within Queensland).

https://www.aylwardgame.com.au/contact/

Article Source: Conveyancing 

What Should Buyers Look Out For In a Property Contract?

Buying property is such a big purchase and commitment (one of the biggest most of us are likely to ever make) that the contract is not something you want to take lightly. It’s wise to go through it with a “fine-tooth comb” and equally as wise to discuss the finer details with both your agent and a legal representative who deals in property law and conveyancing.

Not only is it important to understand what the various clauses mean, but it’s also very important to understand what’s included in the contract and if there’s anything missing that should form a part of the contract.

Check the Details and Particulars

Even the most basic information on a contract is of vital importance. Check that your full name appears on the contract and that it’s spelled correctly. The name has to be identical to the name that will appear on your mortgage, otherwise, this could delay the finance process as well as requiring a contract amendment.

Is everyone purchasing the property included in the contract with the full name also spelled correctly? All parties must be listed on the contract if there are 2 or more purchasers.

Include Your Solicitor’s Details

Don’t wait for the contract to be signed to make reference to your solicitor. Include those details within the contract. It makes the entire liaison process much simpler.

Finance

If your ability to go through with the property purchase hinges on the approval of finance, then this must be stipulated in the contract. If you don’t, then you won’t be able to terminate the contract in the event that finance is not approved. Include finance amount, lending institution details, and finance date.

Building and Pest Inspections

This is also something that should be written into the contract. There is a section on the contract reserved for this, so be sure to insert the date for building and pest inspection. Failure to do so will likely mean you cannot terminate the contract if any building and pest issues arise upon property inspection. All contracts for property purchase should be the first subject to a satisfactory building and pest inspection.

Talk To A Legal Expert In Property Law

If you are located in and around Brisbane and need legal advice regarding your property contract, then get in touch with your local, experienced experts at Aylward Game Solicitors. We know property law, so you can contact with us.

👉👉 Find Experienced property lawyers Near you on Google maps (AylwardGameSolicitors - Google Search) anytime at Aylward Game Solicitors

Article Source: Property Contract 

Property law| Property lawyers Brisbane

PROPERTY LAW

Property Law Transactions and Conveyancing Matters

We, at Aylward Game Solicitors, are ideal for you whenever you are seeking general or specific property law or you would like to engage in a certain property law transaction. Founder Mark Game who is extensively experienced in broad ranges of property law and conveyancing matters will advise you on the following issues.

• Interpretation and effects of the whole or a part of the contract, the enforceability of the contract, ability to terminate a contract, and the party rights and obligations as stated in the contract.
• Actions you can take to protect your legal or property rights in family law such as preparation and registration of caveats, and recovering your property from ownership of another party due to termination of their rights. He will also help you in maximizing your compensation when your property is resumed by the governmental authority.
• Interpretation, preparation, and effects of easements and covenants affecting your property.
• Ways to conduct due diligence and inquiries and provide reports that will guide you as you progress to making a contract.

Property Lawyers Brisbane

As its name refers, the property lawyer is an expert in property laws. This lawyer must have excellent proficiency in the Construction and Housing Code. It is possible to find this lawyer Aylward Game Solicitors. Like lawyers in foreigners’ law, lawyers in family law, or lawyers in labor law, this professional is established in different Brisbane areas at Aylward Game Solicitors. The lawyer working in the property must master the aspects of private, public property laws and property law act, and the Town Planning Code. Also, property laws are a branch of law that contracts with the sector relating to the property. The property lawyer is a skilled lawyer who resolves cases related to property. His intervention is crucial when his client’s liberties are threatened or faced with a complicated situation. A property lawyer is frequently utilised in the event of a property dispute, particularly in the division of an inheritance. The field of intervention of this lawyer is not limited to conflict determination but can extend to several areas associated with property laws. The best property lawyer Brisbane and Gold Coast can, in some examples, play the part of the mediator so that the parties in conflict settle the case amicably and prevent legal opportunity. Continue to more detailed information on Conveyancing and other Property Transaction Processes including Buying Property within a Self-Managed Superannuation Fund.

Article Source: Best Property Lawyers Brisbane   

Property law| Property lawyers Brisbane

PROPERTY LAW

Property Law Transactions and Conveyancing Matters

We, at Aylward Game Solicitors are ideal for you whenever you are seeking general or specific property law or you would like to engage in a certain property law transaction. Founder Mark Game who is extensively experienced in broad ranges of property law and conveyancing matters will advise you on the following issues.

• Interpretation and effects of the whole or a part of the contract, the enforceability of the contract, ability to terminate a contract and the party rights and obligations as stated in the contract.
• Actions you can take to protect your legal or property rights in family law such as preparation and registration of caveats, recovering your property from ownership of another party due to termination of their rights. He will also help you in maximizing your compensation when your property is resumed by the governmental authority.
• Interpretation, preparation and effects of easements and covenants affecting your property.
• Ways to conduct due diligence and inquiries and provide reports that will guide you as you progress to making a contract.

Property Lawyers Brisbane

As its name refers, the property lawyer is an expert in property laws. This lawyer must have excellent proficiency in the Construction and Housing Code. It is possible to find this lawyer Aylward Game Solicitors. Like lawyers in foreigners’ law, lawyers in family law, or lawyers in labor law, this professional is established in different Brisbane areas at Aylward Game Solicitors. The lawyer working in the property must master the aspects of private, public property laws and property law act, and the Town Planning Code. Also, property laws are a branch of law that contracts with the sector relating to the property. The property lawyer is a skilled lawyer who resolves cases related to property. His intervention is crucial when his client’s liberties are threatened or faced with a complicated situation. A property lawyer is frequently utilised in the event of a property dispute, particularly in the division of an inheritance. The field of intervention of this lawyer is not limited to conflict determination but can extend to several areas associated with property laws. The best property lawyer Brisbane and Gold Coast can, in some examples, play the part of the mediator so that the parties in conflict settle the case amicably and prevent legal opportunity. Continue to more detailed information on Conveyancing and other Property Transaction Processes including Buying Property within a Self-Managed Superannuation Fund.

Article Source: Best Property Lawyers Brisbane