WHAT IS “TENANCY IN COMMON” (AUSTRALIAN PROPERTY LAW CONCEPT)
The ins and outs of tenancy in common, joint tenancy, pros and cons and more.
What is ‘Tenancy In Common (TIC)’
1. Tenancy in common allows two or more people to have ownership interests in a property. Each owner has the right to leave his share of the property to any beneficiary upon the owner’s death.
2. Tenancy in common is different than joint tenancy because the transfer of the property to a beneficiary in the event of an owner’s death is different: in a joint tenancy agreement, the title of the property is passed to the surviving owner, while in a tenancy-in-common agreement, the title can be passed to a beneficiary of the owner’s choosing.
Versus “Joint Tenancy”: what is the difference?
Tenants in common don’t have the right of survivorship.
The Will of a deceased proprietor ensures his/ her interest in the property will be distributed and then transferred, according to the Will, to the Executor and/or beneficiaries of the Will. Probate must first be obtained on behalf of the deceased proprietor.
To create a joint tenancy four unities must be present:
Joint Tenancy: Transfer requirements
In the detail: ‘Tenancy In Common’
Rights of Survivorship
Tenancy-In-Common Agreements and Taxes
Pros and Cons of a Tenancy in Common
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