All Topics / Legal & Accounting / Joint tenants, tenants in common or other??

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  • Profile photo of chat2howiechat2howie
    Participant
    @chat2howie
    Join Date: 2006
    Post Count: 14
    February 27, 2006 - 3:22 am

    Hello,

    I just purchased an investment house with my girlfriend.
    We signed on as Joint tenants.
    Someone on here said purchasing in your own name isnt a good idea though, does anyone have any suggestions of alternatives as we intend to purchase a few more in the next few years.

    Thanks
    [chill]

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    February 27, 2006 - 5:29 am

    Hi,

    Joint tenancy automatically apportions ownership on a 50/50 basis which is fine when incomes are similar.

    Tenants in common purchasing arrangements allow the parties to apportion ownership in accordance with income levels. This is particularly relevant when the property is negatively geared.

    There are some legal issues with tenants in common as should one of the parties die then their share can be willed to their spouse and not necessarily to the partner.

    There are trust arrangements that may also be (more) suited to your needs.

    Derek
    [email protected]
    http://www.pis.theinvestorsclub.com.au
    0409 882 958

Viewing 2 posts - 1 through 2 (of 2 total)

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