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Most people would have a little knowledge in the purchase of real estate. Usually this has been conducted with a spouse or long term partner.
If this is the case, the property was more than likely purchased as a joint tenancy. This simply means that the ownership of the whole of the land is shared between the two stakeholders.
This style of ownership does not attract a severable share. By this we mean that if a party in this style of agreement should pass away their share automatically goes to the other stakeholder as the surviving owner and not to a third party.
In an investment situation the stakeholders may enter into what is known as tenants in common. This style of agreement allows the ownership of a property to be divided according to the contribution by each stakeholder.
By this we mean that the right of possession, whilst shared, is not physically divided, or necessarily equal in size. At the time of purchase the division must be elected, that is, 60/40, 70/30, for example.
Advice You Can Trust
As accurate conveyancing solicitors we are able to offer advice to you to help you decide which would be the best way to purchase property.
Certainly, if you are intending to purchase a home with your spouse or de facto partner, it may be a straightforward transaction.
If you are planning to purchase an investment property with a business partner, family member or friend it is best to sort out the legalities of such a transaction to avoid complications and misunderstandings down the track.
At OWNit Conveyancing we pride ourselves on keeping at the top of our game. All staff are offered regular training, and access to updates of legislation to ensure they maintain their edge and knowledge skills at an optimum level.
Our Service Guarantee ensures that you will receive fully independent legal advice from experienced staff at a fixed fair rate and definitely no hidden extras.
We offer the ability to complete your transaction without even the need to visit with us at the office. We understand and appreciate that time is money. The maturity of the internet has opened this style of service to a whole new level and we mean to offer the best.
Why not visit with us at https://ownitconveyancing.com to see what a real difference we can make to creating a smooth transaction from the signing of the contracts all the way through to its successful completion.