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
- Family Reasons
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.
- 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.