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Types of Property Ownership

Joint Proprietors

Each of the Joint Tenant(s) own the whole of the property together.

In the event of death of any of the Joint Tenant(s), the deceased’s share will automatically transfer to the surviving proprietor. Regardless of what is in the Will of the deceased.

Tenants in Common

If you purchase as Tenants in Common, no right of survivorship applies. Upon the death of one proprietor, that deceased person’s share is disposed of in accordance with his or her Will.

The other feature of Tenancy in Common is that different shareholdings can be specified such as 60/40 or 70/30.

Want to know more about property ownership rights? Call us on (03) 9028 7603 for an obligation free discussion.