Tenants in common and joint tenants are two distinct forms of property ownership, each with its unique characteristics.
When two or more individuals own a property as tenants in common, they each hold a separate and identifiable share of the property. These shares can be unequal, and owners can pass on their share to their heirs through their will.
Tenants in common have the freedom to deal with their share independently, giving them flexibility in managing their ownership.
Joint tenants each own an undivided and equal share of the property, and they have a right of survivorship. This means that if one joint tenant passes away, their share automatically passes to the surviving joint tenants.
Joint tenancy is commonly used between spouses or partners to ensure seamless transfer of ownership upon the death of one joint tenant.
It is essential to understand the implications of choosing either form of ownership, as it can impact estate planning, tax considerations, and potential disputes among co-owners.
Geelong Legal can provide expert advice on property ownership options in Victoria. Our Geelong property lawyers can help you choose the most suitable arrangement for your specific circumstances.