Ownership percentage

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

 

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.

 

@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

 

If no preference, probably 50 50 was done.

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

 

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

 

What state is the property in?

 

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

 

Property in NSW- Sydney

 

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.

 

The lawyer or conveyancer for this sort of advice.

 

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