Ownership percentage

Discussion in 'The Buying & Selling Process' started by b7277, 7th Nov, 2015.

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  1. b7277

    b7277 Active Member

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    All these while i thought if me and my partner are on a contract it simply means ownership is 50%
    But after speaking to my accountant i realized it could be 80-20, 99-1 or anything and not just 50-50. Where in the contract is this percentage mentioned? I looked at the contract and couldnt find a thing about this. can you please guide me to the document where this could be mentioned.

    thank you
    b7277
     
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    Depends on the state you're buying in, but it's something you mention to your conveyancer and they register the title as you please.
     
  3. b7277

    b7277 Active Member

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    @D.T. if i dont mention anything would it be default 50-50? Can this be amended and where can i look up the current ownership agreement
     
  4. D.T.

    D.T. Specialist Property Manager Business Member

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    If no preference, probably 50 50 was done.

    You can check by searching the title or asking the conveyancer who did it the question.
     
  5. b7277

    b7277 Active Member

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    @D.T. does it cost me anything to search a title? also can this % be changed? Sorry to ask these questions as just learning.
     
  6. Coota9

    Coota9 Well-Known Member Premium Member

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    What state is the property in?
     
  7. D.T.

    D.T. Specialist Property Manager Business Member

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    Depends on which state.. different states have different rules on whether stamp duty would be payable. Check with accountant on that one.
     
  8. b7277

    b7277 Active Member

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    Property in NSW- Sydney
     
  9. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

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    The contract is not the important document, it is the transfer that determines ownership interest.

    In NSW the contract of sale has a space on the front page, a box to tick. The default if left blank is Joint tenancy. Other states have different defaults. but even though the contract says one thing the transfer can say another.
     
  10. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

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    The lawyer or conveyancer for this sort of advice.
     
  11. Coota9

    Coota9 Well-Known Member Premium Member

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