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underwrite property

Discussion in 'Legal Issues' started by Fernfurn, 14th Aug, 2015.

  1. Fernfurn

    Fernfurn Active Member

    Joined:
    24th Jun, 2015
    Posts:
    36
    Location:
    by a Bellarine beach
    my partner and I have a property with a mortgage in both our names as co tenants. I have another property worth double this only in my name used as security. If I will this property to my 3 kids and not him, and then die, what happens to the security and the loan?
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    9,045
    Location:
    Sydney
    Loan will need to be paid out or new security by new owners.

    You can only will your share if tenants in common. If you are joint tenants you cannot leave the property in the will unless the other owner dies first.