Can our Declaration of Ownership be done when we are buying our house?
Yes, this is the best time. Your conveyancer will send you a ‘Joint Ownership Form’ which provides a reference to how you would like the property to be owned. You have two options, Tenants in Common or Joint Tenants.
By selecting a Tenants in Common you can choose to own different percentages (shares) of the property. For example, 40/50. In this scenario, the property does not automatically go to the other owner or owners if you die, but to the person named in your will.
Whereas Joint Tenants have equal shares, owning 50% of the property each. In addition, your 50% share will automatically go to the other owner in the event of your death.