Week 3 Co-Ownership - The basics Key questions · 1. What is co- ownership and how is it created? · 2. What are the rights and obligations between co-owners? · 3. How can co- ownership be brought to an end? What is co-ownership Two main types: 1. Tenants in Common 2. Joint Tenancy Co-ownership of what? A situation where we have 2 or more people have an interest in the same piece of land, including the building at the same time. Tenants in Common Land includes the physical land and also includes the building. . Distinct shares in the property · Shares need not be equal (e.g. 1/3 plus 2/3) · Entitled to physical possession of whole land · Individual share can be left by will Lot 1 Lot 2 Lot 3 Lot 1 Joint Tenants · No separated shares in the property . As a group they own the entire property · 'Right of survivorship' applies - meaning the surviving JT inherit M 1
Tenants in Common Those individuals can decide where their share goes. They can de-alienate it in their lifetime. They however cannot deal with the entirety of the estate without having the agreement of the other co- owners. And in such a case the co-ownership is likely to come to an end. Creation of Co- Ownership · Joint Tenants - by express words (e.g. to A and B as 'joint tenants') · Tenants in common -by express words (e.g. to A and B as 'tenants in common in equal shares') · Presumption: · Common law = Joint Tenants · Equity = Tenants in Common What happens today QUEENSLAND TITLES REGISTRY Land Title Act 1994. Land Act 1994 and Water Act 2000 TRANSFER Dealing Number OFFICE USE ONLY Privacy Statement Colection of information from his Sons is authorised by legislator and is used to maintain publicly searchable mooitts For more information see the Department's website Priet one-sided only Duty imprint FORM 1 Version 5 Page 1 of 1. Interest being transferred of shares show as a fraction) Fee Simple Note: A Forro 24 - Property Information (Transfer) must be attached to this Form where interest being transferred is "lee simple" (Land Title Act 1994), "Bate lemehold" (Land Act 1994) or Water Alocation" (Water Act 2000) 2. Lot on Plan Description 3. Transferor 4. Consideration Lodger (Name, address, E-mail & phone number) Lodger Cela Title Reference Transferee Given names SumarreiCompany name ard number Binclude tenancy ifimore fian are) Transfer/Execution, The Transferor transfers to the Transferee the estate and interest described-suitem ! for the consideration and in the case of monetary consideration acknowledges receipt theroof. The Transferor declares that the information contained in items 3 to 6 on the atached Form 24 is true and correct. The Transferee staces the information contained in items 1. 2. 4 to 0(h) on the attached Form 24 is true and correct. Where a solicitor sigris on behalf of the Transferee the information in items 1, 2. 4 to-6(h) on the Form 24