could you please explan to me if some one buys in tennents incommon what does that mean or do for you
tax wise…regards “I am a wildly wealthy woman”I think tenants in common own each a part of a property, this doesn’t have to be equal parts, e.g. one could own 75% and the other 25% or so.
You each have the right to sell your part to someone else if you decide you want out. I think it is fair if you let the other party have the first option to buy your part, but I’m not sure if this is compulsory. If not, you could put it as a clause in the contract. If one party dies, his/her part of the property would go to his/her spouse or to the one who’s mentioned in the will.Not sure what else you want to know.
May be just that it is different from buying as joint tenants (a couple usually buys a property as joint tenants), which is when you own the whole of the property together, and none of the parties is allowed to sell, as you don’t have your ‘own’ percentage of the property- you own the whole 100% together.
If one of the parties dies, then his/her part automatically is transferred to the spouse.Hope others can fill in all my missing bits?[
]Ezy,
Check out the February/March edition of the Australian Property Investor Magazine, there is a great article on tenants in common, with the range of all the relevant issues that would stem from purchasing in this manner.James
Thank you its great that so many people are willing to help each other I realy appriciate those of you who answer my questions[^]
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