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Do you know how you own property that you are joint owners of?

Discussion in 'General Property Chat' started by Terry_w, 22nd Jul, 2016.

?

How do you own jointly owned property?

  1. Joint Tenants

    18 vote(s)
    62.1%
  2. Tenants in Common

    18 vote(s)
    62.1%
  3. Don't know

    2 vote(s)
    6.9%
Multiple votes are allowed.
  1. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Do you know how you own property that you are joint owners of?

    You would be either
    1. Joint Tenants (JT)
    or
    2. Tenants in Common (TIC)

    You can vote multiple times if you have a mixture

    Note, that in rare cases you could be both a JT and a TIC and here we are only considering legal ownership and not beneficial ownership (where the owner may not be on title).

    Here I am only concerned with jointly owned property - I want to test my theory that most people don't know the answer.
     
    Last edited: 22nd Jul, 2016
  2. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    I own my properties in my name or trusts I control via sole director corporate trustee.

    Some of my tenants probably are used to joints though
     
    datto and orangestreet like this.
  3. chylld

    chylld Well-Known Member

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    Can't remember for my purchases except the first one where we purchased in unequal shares (hey, we were noob), and that was tenants in common + unequal shares
     
  4. Glorion

    Glorion Well-Known Member

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    I'm the one where if I die the whole share transfers to my partner and vice versa. Whilst I haven't committed it to memory, I could easily google it to find out it's official name.

    Not sure if that's confirming your thoughts or not!
     
  5. chylld

    chylld Well-Known Member

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    Just dug through my emails as I asked my lawyer the same question, which option allows the property to transfer to the surviving partner in the event of death. Joint tenants :)
     
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  6. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Yes JT goes to the survivor automatically, bypassing the will or intestacy laws.

    TIC allows the owner to gift in their will to anyone.
     
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  7. chylld

    chylld Well-Known Member

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    Can JT be used for unequal shares?
     
  8. larrylarry

    larrylarry Well-Known Member

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  9. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    There are no shares in a JT relationship
     
  10. larrylarry

    larrylarry Well-Known Member

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    Yes, if husband dies...the property goes to wife (as joint tenant) automatically, or vice versa.
     
  11. larrylarry

    larrylarry Well-Known Member

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    Terry, I own nothing. Nothing at all.
     
  12. chylld

    chylld Well-Known Member

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    Thanks for the link @larrylarry. Learn something every day :)
     
  13. larrylarry

    larrylarry Well-Known Member

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    We're always learning about the world we live in.
     
  14. chylld

    chylld Well-Known Member

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    Perthguy and Terry_w like this.
  15. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Me neither. I even use my wife's toothbrush
     
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  16. larrylarry

    larrylarry Well-Known Member

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    That's rough Terry. My wife gives me pocket monies weekly.
     
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  17. JenW

    JenW Well-Known Member

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    Joint tenants for everything.
     
  18. Scott No Mates

    Scott No Mates Well-Known Member

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    @Terry_w if you are co-owners of a long term leasehold are you TIC or or JT?
     
  19. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    It would depend on how it was set up. if not specified then there are defaults - in NSW it would be JT if not otherwise specified.
     
  20. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Joint bank accounts can be held as JT or TIC as well.