Queensland Real Estate
Do you know the difference between Joint Tenants and Tenants in Common?
The law relating to co-ownership deals with situations where two or more persons simultaneously hold the same interest in the same parcel of land.
Such persons have concurrent estate or interest in land and can hold it either as joint tenants or as tenants in common. Queensland Real Estate and conveyancing.
With tenancies in common, there is a distribution of seising in the sense that each co-owner hold a separate undivided share in the property, so that each is individually seised of their own individual interest. This has implications not only for future dealings with the land, but also when one of the co-owners dies. Traditionally, each person has a fractional share in the land in proportion to the amount of money they have provided towards the purchase price.
If property is owned by tenants in common, on the death of one of the tenants in common, the deceased person’s fractional share is distributed according to their will
With joint tenancies, there is no distribution of seisin amongst the property co-owners – as a group the owners have one interest in the land, they are seised collectively, not individually. It is common with married or domestic couples who own property, primarily because it carries with it the right or survivorship. When one of the joint tenants dies, their interest automatically reverts to the surviving joint tenant, until there is only one remaining survivor who then becomes the sole owner. In joint tenancy, individual joint tenants cannot dispose of their potential interest.
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