There are different ownership structures to consider when buying a property.
Some of the more common examples are buying in an individual name, a company or a trust.
What you choose will depend on your individual needs, situation and circumstances.
If you’re buying the property with a partner, friend or family member, it’s important to decide on the type of ownership you’ll have.
There’s two main types of shared ownership.
Joint tenants and tenants in common.
Joint tenants means that the property is owned in equal shares by two or more people. If someone on the title dies, their share goes to the other owner/s.
Tenants in common on the other hand means that the property is owned in equal or unequal shares by two or more people. If someone on the title dies, their share goes to the person named in their will.
Again, the options depend on what works for you, the other person and anyone else involved or related to the property’s future.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
