What is the difference between Joint Tenants and Tenants in Common?
Joint tenants are equal co-owners of property and, if one dies, his or her share in the property automatically passes to the surviving joint tenant.
Tenants in common are not necessarily equal co-owners of property and, if any tenant in common dies, his or her share in the property will form part of his/her estate to be disbursed in accordance with his/her will rather than automatically passing to the surviving tenant(s) in common.
Things to consider prior to purchasing a property in the ACT
We recommend that:
- appropriate searches and enquires are made to ascertain:
- that there are no encroachments by or upon the Property;
- whether any unauthorised alterations or additions have been made to the improvements erected on the Property;
- the structural soundness of all improvements erected on the Property; and
- the absence of borers, termites or other pests in the improvements erected on the Property;
- you obtain written confirmation from your proposed lender if you intend to borrow money as to the amount it has agreed to lend you and all other terms of its loan before contracts are exchanged;
- you obtain building insurance, effective from the date of exchange of Contracts, on a replacement and reinstatement (not indemnity) basis noting any Mortgagee as an interested party.
Stamp Duty Rates
Stamp duty is payable by bank cheque to the ACT Revenue Office on the date being the earliest of 90 days from the date of exchange or settlement.
Other Useful Links
» First Home Owners Grant – usually dealt with by your broker/mortgagee
» Home Buyers Concession Scheme (Stamp Duty relief/concession)