When it comes to investing in a property, it is important to be wise and always put a lot of thought behind the investment. This is because there are complications that can arise without any warning. In the same manner, tax problem is something many of us face issues with. This is why knowing different types of property ownershipsisimportant while investing in a property. These are a few different types.
- Sole Ownership –A property which is run by a single owner is called as sole ownership. The ownership of a property can be easily transferred from one individual to another only with the help of property related documents and the law. For instance; if the property owner dies, then the property will be transferred to another individual based on whoever’s name is mentioned the will.
- Joint Tenancy –A property owned by 2 individuals is called as a joint tenancy. It is not necessary that such a property is owned by a husband and wife. Any 2 individuals such as business partners can own a property. Joint tenancy does not act like sole ownership where the will of the property is transferred to the property owner just because one owner passes away. It depends on the information provided on the will.
- Tenancy in Common – A property owned by 2 or more individuals with different amount of interest percentage is what tenancy in common means. For instance; if there are 3 owners owning a property and one of the owner dies, then the other remaining owners do not own the property ownership. The property is only transferred after analyzing the documents completely.
If you’re in a situation dealing with property ownership in Sydney, it would be wise to contact one of the professional property lawyers in Sydney.