If the property is common to two or more people as a tenant, they are free to leave their share of the property as you wish. As a general rule, a couple leaves a vital interest in the property to their spouse in their will. This is called the will of interest of life. On the other hand, it might be better to move to condominiums. It is a simpler process to transfer the common property to the survivor when an owner dies. For properties owned by ordinary tenants, it may be necessary to obtain the deceased`s will before one of the deceased`s lands can be processed. Legally, the relationship between the co-owners of real estate is either as “beneficial tenants” or as “common tenants.” The term “tenant” is not related to a tenant under a tenancy agreement. For both leases, a co-owner may insist on a sale. In this type of purchase of real estate, it is assumed that each person belongs equally to the property. It is most often represented in the form of a couple who buys a property together. The two most common forms of residential real estate purchases are Joint Tenants and Tenants In Common. Understanding the differences between them is important to avoid potential risks. The change of ownership of the common lease to the lease agreement and the corresponding changes to Wills may be helpful in the following circumstances: Mr.
and Mrs. Harvey owned a property in Auckland (“Auckland Property”) as common tenants. Ms. Harvey had a number of personal debts and, to that end, the couple decided to enter into a contract under the Property (Relationships) Act 1976 (“PRA”) in December 2009. For the most part, not all of their assets and liabilities have been evenly distributed. The Property Sharing Agreement is a document that is generally signed at the same time as the purchase of your property as a joint tenant, which relates to information provided by the parties on expenses, expenses and support and how the property is managed if a party wishes to sell its share or even the death of a party holding a share of the property. If the owners of the property have made it clear that they do not intend to retain the common good, they will retain it as tenants.