Co-ownership refers to the legal relationship shared by two or more people over an interest in property. In Queensland co-owners are registered as either Joint Tenants or Tenants in Common. It’s important to have a basic understanding as each of these principles of ownership when purchasing property with another person, as during the conveyancing process your lawyer will need to specify on the transfer how ownership of the property is to be distributed between each owner.
Severing the Co-Ownership of Property – Tenants in Common:
Our previous post on co-ownership introduced the concept and the benefits and pitfalls of owning property with others. As you know there are a several ways in which co-ownership of a property can be extinguished, but this depends on the form in which the co-ownership takes; i.e. do you own the property as, tenants in common, or as joint tenants.