Joint Tenants vs Tenants in Common

  

There are 2 Alternative ways to own Property in Australia: Joint Tenants vs Tenants in Common

In a Joint Tenancy, all of the owners own the entire property. If one of them dies, the survivor(s) remain the owner of the property – it does not matter what any Will might say until there is only 1 registered owner.

In a Tenancy in Common, each owner has a defined share – 50%, 30%, etc. If an owner dies then their share in the property passes accordingly to the terms of their Will, or if they do not have a Will, according to the rules about intestacy. (Joint Tenants v Tenants in Common)

If you don’t know what your ownership details are, we can do a Title Search and find out for you. It is possible to change from one type of ownership arrangement to the other, although there could be some stamp duty to be paid depending on your individual circumstances.

You will need to make your own arrangements for connecting electricity, gas, telephone, internet, pay-TV services, and other utility services from the proposed settlement Steps date.  If a service provider will not arrange for connection from the settlement without authority or confirmation from the Seller please obtain this via the real estate law agent or from the Seller directly.  It is beyond the scope of our retainer.

Additionally, the Family Law Act allows the Courts to alter the arrangements completely in the event of a Property Settlement Dispute, and the details of the ownership arrangement are separate from your responsibility to pay any mortgage payments.

Article Source: Property Lawyers Brisbane

Where Family Law and Estates Intersect

  

Introduction

In addition to the two legal estates inland, it is also possible to have an interest inland. This is a lesser right over the land which falls short of possession.

Anyone can own an interest in land.

It is not always necessary to own land to have an interest inland. For example, à privilege, or ‘profit a prendre’, allows the owner of that interest to enter a person’s land in order to take produce from it, such as crops or firewood, without actually being the owner of any land themselves.

Aim Higher

There are exceptions to this rule, as easement can only benefit an individual as the owner of the benefited land. This is discussed in further detail in Chapter 9.

As a property right, an interest in land can be sold by the owner of the interest or transferred to a third party in the same way as an estate in land can. The owner of an interest in land can also protect their interest against a third-party purchaser of the estate in which the interest is held.

Legal and equitable interests in land

Interests in land can be legal or equitable.

Legal interests

According to s 1(2) of the Law of Property Act 1925, there are five legal interests that can exist over land. These are:

1. an easement, right or privilege;
2. a rent charge;
3. a charge by way of a legal mortgage;
4. miscellaneous statutory charges;
5. rights of entry.

Family Law and Estates Intersect

The recent Canadian case of Carrigan v Carrigan’s Estate is a timely reminder of the need to ensure that we all keep our financial affairs in order, particularly when there have been changes in our family circumstances.

In this Canadian case, Mr. Carrigan passed away leaving a DeFacto partner with whom he had been living at the time of his death but also a wife from whom he had not been divorced. In that situation, the Canadian Courts were called upon to decide who should receive which elements of Mr. Carrigan’s Estate.

Whilst that decision was based on the relevant legislation in Canada, it is a timely reminder to all of us to keep our Life Insurance and Superannuation benefit nominations under review, as well as our Wills, and to amend them if family circumstances change. For advice in relation to Family Law and estates Matters or in relation to the preparation of Wills contact Ian Field on 07 3236 0001 or ifield@aylwardgame.com.au.

Article Source : Where Family Law and Estates Intersect