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What are the Types of Property Ownership?

Courtesy-hujjatim

Whenever a large amount of money is involved related to a property, it is absolutely vital to stay alert at all times. One of the reasons behind this is that complications can arise at any point in time. And that is why it is vital to know and understand the different types of property ownership. These are a few.

  1. Sole Ownership – Sole ownership related to a property that has a single owner. The rights of this type of property can be easily transferred from one person to another with the help of forms and documents related to the property. So, in the case an owner dies, then the rights of the property get transferred to another person whose name is mentioned on the will.
  2. Joint Tenancy – Joint tenancy is all about a property having 2 owners. This does not necessarily mean that the 2 owners be as a married couple as even business partners can own one. However, when it comes to the transfer of rights, joint tenancy is a little more complicated and different compared to sole ownership. The will is taken into consideration.
  3. Common Tenancy – Common tenancy is the property that has owners more than 2. For the rights to be transferred, the court or the lawyer has to see the will. Just because any 1 of the owner passes away does not necessarily mean that the other 2 owners get their share completely.

For such type of property ownership, it is best to take advice from the best property lawyers in Brisbane.