Title is a legal term which refers to the registered ownership of real property. When purchasing a property, a title search is completed. This search can reveal information about the property such as current and prior ownership, any encumbrances, liens, easements, restrictive covenants, and other outstanding agreements. This helps to identify if there are any issues with the title of the property, so that we may address and correct any such issues prior to you taking ownership of the property.
When you are purchasing a property with another person, you will be asked how you wish to take title to the property. Title can be taken in one of two ways – “Joint Tenants” or “Tenants in Common”. With Joint Tenants, you both own the property and on the death of one of you, the property may be transferred to the survivor (subject to rights under the Family Law Act) without probate, by registering a Survivorship Application. With Tenants in Common, you each own your respective share in the property (which is determined by you), and on the death of one of you, that person’s share goes into their estate to be dealt with in accordance with the instructions in the deceased’s will. This will require probate and probate fees will be payable. The Mann Lawyers real estate team is able to provide legal advice on the best option for taking title to your property, based on your particular circumstances.