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I was wondering if anybody can provide me with any info on the above particularly Kuranda Qld
Joint tenants in common in my understanding is that you both will live in and own the house.
Thanks for that but I was really trying to find out the details in regards a large property and then it gets split up
Maybe you could re-ask your question chamelion with a bit more information.
Thanks I was thinking of purchasing a block of land which is apparently part of a 80 acre property this is tenants in commen
I was looking for a bit of advise either in the possible pitfalls or how is the best step to check it all out The owner is in Thailand
and details take a while
Thanks chameleon that makes the situation clearer I reckon.
Wish I could help you but I have no experience or knowledge of ‘tenants in common’ , hopefully someone else will though.
Best of luck to you.
Probably best to ask a lawyer- I am assuming you will be engaging one for the sale.
Tenants in common have a percentage of ownership that is stated. If the arrangement is 50 50 and one person dies their part is distributed according to their will. The remaining tenant in common then has to make arrangements with other parties about what is to be done. If you are buying from tenants in common , both must sign the transfer. Once it is you property the tenants in common does not apply as they no longer own that portion you purchase. If on the other hand you intend to become a tenant in common with them, then the percentage of ownership must be stated. Tenant in common limits what you can do as the other person also has a stake in the property. I am no lawyer but had to do the research to have my partners name added to the property deed for our house.
I owned a property in common in the NT with one other person. One thing to be aware of is what would happen if another tenant didn’t meet their commitments eg. their share of the rates or other expenses or didn’t help look after the property/common areas or had undesirable people around? I got caught badly unfortunately.