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Discussion in 'Legal Issues' started by wayne, 29th Sep, 2016.

  1. wayne

    wayne Active Member

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    Hi, when a couple buy a property in their own names, can the percentage of ownership be allocated. for example 90/10%.
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Yes. Look up Tenants In Common vs Joint Tenants.

    One is fixed at 50/50 and the other allows any split you want.

    Under one if you die the surviving partner gets the other share. Under the other you can put your share in your Will.
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Yes - known as: tenants in common in unequal shares.

    But read my legal tip on why not to do this.
     
    Colin Rice likes this.
  4. wayne

    wayne Active Member

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    Thanks Terry,
    If the above scenario was a NSW IP, would both owners be entitled to a Land tax threshold.
     
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    no
     
  6. wayne

    wayne Active Member

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    Wouldn't each owner be entitled to a threshold, and with the scenario above a percentage distribution of land tax.
     
  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    no