Title Ownership

Title Ownership

The title proves ownership and determines whether the vendor has a right to sell the property.

Common Reasons For Change In Property Ownership

Below is a list of the most common reasons,

  • Change of ownership structure
  • Divorce
  • Family Reasons
  • Circumstance

Different Types Of Co-Ownership

There are two types of co-ownership in Queensland. You can either buy property as joint tenants or tenants in common. Below is a list of differences between the two.

Joint Tenants

  • This means all the parties have equal ownership over the property.
  • If a property is given a percentage of 100, the shares from that percentage are equally distributed amongst the joint tenants.
  • For example, if Person A and Person B are joint tenants, then Person A would have a 50 percent share and Person B would also have a 50 percent share.
  • A right of survivorship exists for joint tenants. This means if Person A dies, their share would go to the remaining joint tenant/s who are alive (i.e. the surviving tenant/s).

Tenants in common

  • Tenants in common have distinct shares in the property.
  • These shares do not necessarily have to be equal. For example, Person A can own 40 percent of the property and Person B can own the remaining 60 percent.
  • The right of survivorship does not apply to tenants in common. If one of the tenants in common dies, their share does not go to the remaining tenants.
  • However, their share can be passed on in accordance with their will, if they have one.