Other Property Transactions

When two or more people own property together, they can either be joint tenants or tenants in common. The main difference between the two is what happens to the property when one of the owners dies.

Joint tenants

With joint tenants, the surviving owner will automatically receive the deceased owner’s share in the property. This is known as the right of survivorship. It means that the deceased owner’s share does not pass to their estate or beneficiaries under their will.

For example, if two spouses own a property as joint tenants and one spouse dies, the surviving spouse will automatically become the sole owner of the property. The deceased spouse’s name will be removed from the title and the surviving spouse’s name will remain on the title.

Tenants in common

With tenants in common, the owners do not have the right of survivorship. This means that when one of the owners dies, their share in the property passes to their estate or beneficiaries under their will.

For example, if two friends own a property as tenants in common and one friend dies, their share in the property will pass to their children or other beneficiaries under their will. The surviving friend will not automatically become the sole owner of the property.

Which type of ownership is right for you?

The best type of ownership for you will depend on your individual circumstances and goals. If you want to ensure that your property passes to your spouse or other loved ones when you die, then joint tenancy may be the right choice for you. However, if you want to have more control over how your property is disposed of after your death, then tenants in common may be a better option.

A tenants in common agreement is a legal document that sets out the terms and conditions of ownership of a property by two or more people. It is important to have a tenants in common agreement when property is acquired by more than one party as tenants in common, as it can help to avoid disputes and clarify the rights and responsibilities of each owner.

The tenants in common agreement should typically cover the following topics:

• The purchase of the property: The agreement should set out how the property was purchased, including the purchase price, the contributions made by each owner, and the mortgage arrangements.
• The use of the property: The agreement should set out how the property will be used, including whether it will be used as a primary residence, a rental property, or for investment purposes. It should also address issues such as who will be responsible for paying the bills and maintaining the property.
• The ongoing obligations of the owners: The agreement should set out the ongoing obligations of the owners, such as the payment of property taxes and insurance premiums. It should also address issues such as what happens if one owner falls behind on their payments.
• The sale of the property: The agreement should set out the terms and conditions for the sale of the property, such as how much notice each owner must give before selling their share, and what happens if one owner wants to sell their share but the other owners do not.

The tenants in common agreement should be tailored to the specific circumstances of the property owners and the property itself. It is important to consult with an attorney to draft a tenants in common agreement that meets your needs.

Losing your property title can be a stressful experience, but it is possible to recover it. Here are the steps you need to take:

1. Make extensive enquiries: The first step is to make extensive enquiries to try to find out who the title was last issued to. You can do this by ordering an issue search from the Land Titles Office.
2. Draft a statutory declaration: Once you have found out who the title was last issued to, you need to draft a statutory declaration explaining all the steps you have taken to locate the missing title. This declaration must be signed by you and a witness.
3. Obtain statutory declarations from others: You will also need to obtain statutory declarations from the person or entity who last had the title in their possession. This could be a previous owner, a mortgagee, or a real estate agent.
4. Pay the required fees: There are a number of fees that you will need to pay to recover your lost property title. These include an assurance fund contribution, a PEXA lodgement fee, and a titles office application fee.
5. Submit your application: Once you have gathered all the necessary documents and paid the required fees, you can submit your application to the Land Titles Office. They will review your application and issue you with a replacement title if your application is successful.

The process of recovering a lost property title can be time-consuming and expensive, but it is important to follow the steps outlined above to ensure that your application is successful.

Spousal property transfers are generally exempt from stamp duty. However, there are a few conditions that must be met in order to qualify for the exemption:

• The property must be residential.
• At least one spouse must have lived in the property as their principal place of residence (PPR) for a continuous period of at least 12 months commencing within 12 months of the transfer.
• The transfer must be for no consideration. This means that the spouse who is receiving the property does not have to pay anything to the spouse who is transferring the property.
• The couple must not enter into these arrangements to take advantage of this exemption. For example, they cannot transfer property back and forth between each other in order to avoid paying stamp duty.

If all of these conditions are met, then the spousal property transfer will be exempt from stamp duty. This can save the couple a significant amount of money.