In this video we explain the difference between Joint Tenants & Tenants in Common in Queensland!

We discuss the two different ways that multiple people can hold property in Queensland, with real life examples. NOTE: either option MUST be chosen, so it is important to know the pros and cons of each method of ownership.

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Hi everybody - George Sourris, Empire Legal.

Today's topic: Joint Tenants, vs Tenants in Common. 

We are unpacking the difference between Joint Tenants and Tenants in common. 

A "tenancy" is a way that property is held when there's more than one party on Title. 

Let's start with Joint Tenants. So joint tenants, like the name suggests, is where two or more people jointly own 100% of the property together. It's also survivorship, so it's common in husband and wife situations where if something was to happen to the husband or the wife, the property would automatically transfer into the survivor.

So, fun fact, this can have more than two parties involved. So if you've got a weird love triangle thing going on or whatever, last person alive, inherits everything. 

Alright, on the other side of the coin, we've got Tenants in Common. So, this is separate individual shares. For example, it could be broken up 50-50, 80-20, 90-10, 99-1, etc, as long as you can add up to 100, and all of the shares equal 100. This method can also have more than two parties involved. 

This is common for a couple of examples - one being siblings, another one being business people or business relationships. Or relationships where there are children from prior marriages. Let's unpack it. So for example, I'm buying a property with my siblings, but no offense to them, if something was to happen to me, my hypothetical wife and children, I'd want them to get my share of that property. I wouldn't want my siblings to get it. 

Same thing applies with the business partnership, right. My business partner's great, but I want my wife and kids to get my share of the property if I die. 

So the percentage held is transferred as per the wishes of the will, as opposed to joint tenants where it's survivorship and the last person alive inherits all. 

So for agents, keep in mind here that if it's joint tenants and one party passes away, it's quite a fast process. We just need a copy of the record of death, the death certificate, and a special condition, that we can help you with, and you should still be able to achieve a normal 30 day settlement.

Alternatively, for tenants in common, it's a bit more complex as there's a Transmission Application into the Personal Representative's name, as noted on the will. This process is highly unlikely to occur in a 30 day window, and a special condition will need to be provided for a contract of sale.

Now, for the above scenarios, it's important to ensure that the executors are noted correctly on the Form 6 and the contract of sale.

There is a process here and we can help.

You can contact us for any questions that you might have, or special conditions that you need.

If this video has provided value, all that we ask is that you share it. If you've got a topic, email me - george@empirelegal.com.au.

I would love to do a video on a topic of your choice. 

Thank you guys. 

Chat soon.

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Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.