How Does Property Co-Ownership Work
Your real estate questions answered by Niki Peinke, director of The Property Exchange in Subiaco
Q: I want to buy a property with my brother. I have heard there are a couple of ways that property co-ownership can work. Could you explain these to me?
A: There are two types of property co-ownership. Firstly, you can be joint tenants. This simply means that the parties own the property jointly, in equal shares (that is, 50/50). If one tenant dies, the property automatically passes to the other owner. Another option is to be tenants in common. In this case, either party can sell their share of land or leave it to someone in a will. Tenants in common can own the property in equal shares, or in any other split (70/30, for example). Generally, in your case, tenants in common would probably be more appropriate.