When you decide to purchase property with someone else, be it a significant other, family member or a group of friends, you have the choice between a ‘Joint Tenancy’ or a ‘Tenancy in Common’;
In a Joint Tenancy, each investor in the property has equal shares and equal responsibilities, regardless of how much they put towards the home deposit or how much they pay off the mortgage. In the event of a sale, both parties receive an equal share of the profits (or are liable for an equal share of the losses). If you are married, this might be the best choice based on your shared finances.
Tenants in Common:
If you have purchased a property through a Tenancy in Common, you may have uneven shares in the home. If you paid 70% of the deposit, you will be paying for 70% of the mortgage and the bills, and you will receive 70% of the profits. Your partner, on the other hand, will only receive 30% of the profits.
|Daniel Fitzpatrick – Director of Sales|
|m. 0412 955 663|