In joint tenancy, all parties listed on the title hold equal ownership and interest in the property. Often seen in married couples or long-term relationships, joint tenancy exemplifies shared life and assets, including the family home. The crucial aspect of joint tenancy is its right of survivorship. Should one tenant pass away, their interest seamlessly transfers to the surviving tenant(s), bypassing the deceased's estate.

Tenancy in Common: Shared Ownership with Individual Shares

Contrastingly, tenancy in common entails co-ownership without automatic survivorship rights. Think of siblings jointly owning and residing in a property. While each party shares ownership, their individual shares and interests do not automatically pass to co-owners in the event of death. The distribution of the deceased's share is determined by their estate.

Understanding Property Ownership: Pros and Cons

Choosing between joint tenancy and tenancy in common involves considering various legal and financial implications. Each form of ownership has its advantages and drawbacks, making it essential to weigh your options carefully.

At Barry Plant, we recognise the significance of property ownership decisions and the importance of expert guidance in navigating them. That's why we recommend Settle Easy for all your conveyancing needs. Their specialist conveyancing team can provide insights and assistance tailored to your specific situation, including:

• Guidance on purchasing property with multiple owners, including joint tenancy severance.
• Explanation of the pros and cons of tenancy in common and joint tenancy.
• Assistance with the transfer severing joint tenancy via PEXA.
• Support for transitioning from joint tenancy to tenancy in common.

Additionally, Settle Easy can address a range of questions pertinent to property settlements, such as cooling-off periods, contract conditions, stamp duty, and the conveyancing process in various states.

For expert advice on property ownership or assistance with conveyancing, contact Settle Easy's Australian-based team today, call 1800 88 66 88.

Please note: The information provided in this article is for general informational purposes only and should not be construed as legal advice. While we strive to provide accurate and up-to-date information, real estate laws and regulations may vary by location and individual circumstances. Readers are encouraged to seek professional advice from qualified legal professionals or licensed conveyancers regarding their specific property ownership situations and legal inquiries.