Who owns the house Joint tenancy vs tenants in common [#22]

As an individual buyer, outright property ownership is relatively straightforward. The title is in your name, any mortgage is in your name, and it's your asset alone. But when you buy property with others you have a choice in ownership structure - joint tenancy or tenants in common. Depending on your personal situation there are pros and cons for each, as well as implications for estate planning and unexpected situations such as divorce.
In this episode of the Friends With Money podcast, managing editor Julia Newbould is joined by Peter Bobbin, principal lawyer at Coleman Greig Lawyers, to explain your options when it comes to owning property, and reveal the possible road bumps you may not have considered.
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[@nataliemay415]

With your example of joint tenancy with your mum. What would be the correct way to distribute the estate if, as you said you had 80% and your mum 20%, but in her will her estate was to be split 50/50.
Would that mean you now own 90% and your sibling the remaining 10%?

[@moneymagazineaustralia]

Hi Natalie. You can find out more information here on our site: www.moneymag.com.au/pros-cons-buying-property-with-friends. As always, we highly recommend seeking advice from an expert.