There is a good article on those looking at purchasing property through ‘tenants in common’ in API Magazine.
This might be an increasing trend over the ensuing years as affordability for an individual, especially, first timer, in the housing market is limited.
James
James,
I readed the articles, it’s quite a good artcles and I believe these that intent to buy property as ‘Tenants in Common’ should read it.
Warm Regards
ChanDollars
[Keep going, you’re on your way to Frolic Freedom!]I’m thinking of entering a Tenants In Common Agreement.
Any idea where I could get hold of the article in Australian Property Investor Feb/March issue?
Hi rpmagro,
I have the article. Drop me an email with the subject tenants in common and I’ll send it via return email.
You can also get back copies of API through http://www.businessmall.com.au
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958What do you mean by tenants in common agreement? You mean just buy property as tenants in common. I believe the only difference between that and joint tenancy is right of survivorship. Any lawyers out there to confirm? Also if you’re a first home buyer, can’t get benefits if your other buyer (or two) has previously ownned properties. Good luck
If you want to vary the percentage ownership, you purchase as ‘tenants in common’ and stipulate the percentage each party is entitled to on the contract.
Also allows for that percentage entitlement to be willed to another party other than the other tenants in common on the contract.You are also correct in that ‘joint tenants’ allows for automatic transfer to the other party upon the death of one tenant, and usually assumes 50/50% ownership, although I think this percentage ownership can be varied, but must be noted on the contract.
kp
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