Joint Tenants or Tenants in Common

By: McKay Business Services  21-May-2012
Keywords: Real Estate, Conveyancing, Residential Real Estate

What is the difference between Joint Tenants and Tenants in Common? When two or more people purchase land, they can be registered on the Title as either “joint tenant” or “tenants in common”. JOINT TENANTS - Where two or more parties register as Joint Tenants each registered owner does not have a specific share of the property - all owners have an undefined share in the whole of the land. The right of 'survivorship' applies when a joint tenant dies, as the ownership automatically vests in the surviving joint tenant/s. TENANTS IN COMMON - Each registered owner has a separately defined share of the property which can be one undivided moiety or one third, or one quarter, depending on the number of registered proprietors as to the percentage holding. In this instance, when a tenant in common dies, ‘survivorship' does not apply, and the deceased's share is transferred according to the terms of the will.

Keywords: Conveyancing, Conveyancing Services, Family Transfers, Land Division, Private House Sales, Property Conveyancing, Property Settlement, Property Transfers, Real Estate, Registered Conveyancer, Residential Property, Residential Real Estate, Settlement Specialists

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