Is my tenancy a joint tenancy?

If you signed a tenancy agreement with another person (your names are on the same document) then it will be classed as a joint tenancy. Make sure everyone plans to stay at the property for the period of the fixed term; everyone is equally liable on a joint tenancy for the rent.

What do you need to transfer half of a property?

Only a half share transfer has to be done as you already own the other half share of the property. In the case of a sale of a property, the deeds office will also require the following documents to be lodged: A rates clearance certificate, a Home Owners Association Consent if applicable and a transfer duty receipt.

What are the different types of joint ownership?

There are different types of joint ownership: Type of joint ownership What it is Joint-tenancy (for properties) When two account holders share the account equally, the surviving owner gets 100% of the property if one of them passes away. This is regardless of whether the deceased joint owner leaves a will.

How to transfer sole ownership of a property?

A formal deeds office process has to be followed to ensure that transfer takes place to reflect that you are now the sole owner. Usually, the settlement agreement will contain a clause stating which attorney must attend to the transfer. This attorney is called a conveyancing attorney and this attorney specialises in property law.

How are assets transferred from one person to another?

During your lifetime, your assets (e.g. your savings, property and investments) can be transferred to anyone as gifts or through trusts. Gifts Once the asset is unconditionally given away, you no longer hold the title to it, and the receiver becomes the new owner.

Can a property be sold in a joint tenancy?

If a person inherits a home through a will or living trust, the heir can sell the property without paying any income tax. But when a property has been held in joint tenancy, the surviving owner does not get a step up in tax basis. This can be a costly mistake. Danger #6: Right to sell or encumber.

Do you have to pay rent to other joint owners?

Most states do not require a joint owner to pay rent to the other joint owner (s) while exercising this right. A joint owner who is in sole possession of the property may not exclude other owners in the use and possession of the property. If this were to occur,…

How are joint tenants with right of survivorship ( JTWROS ) established?

A JTWROS can only be established if the owners acquire the property at the same time, have the same title on the asset (s), have an equal share in the property, must have the same right to possess the entirety of the assets. This agreement avoids probate but does not allow ownership to be transferred to a deceased individual’s heirs.

What happens to the property when a joint tenant dies?

When either joint tenant dies, the survivor — usually a spouse or child — immediately becomes the owner of the entire property. But when the survivor dies, the property still must go through probate. So joint tenancy doesn’t avoid probate; it simply delays it.