Joint Ownership

Terms you should know:

Title to property is held in one of two ways:

Joint Tenants
This means that each person owns the property jointly and on the death of one of them the property automatically passes to the surviving person or persons. By automatically, I mean with a copy of the Death Certificate, Notice of Death, Notice of Transfer and Title Deed lodged at the Land Titles Office with the relevant fee which at the moment is $79.00.

Tenants in Common
This means that each person owns a share in the property and on the death of one party that share passes according to their will.
LEAP Website | Powered by LEAP Legal Software | Legal practice management software