Can our Declaration of Ownership be done when we are buying our house?

Yes, now is the ideal time. Your conveyancer will provide you with detailed information to ensure you’re making the right decision.

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.

(A Declaration of Ownership is also called a Declaration of Trust).