This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letters J & K.
When there are two parties purchasing a property, you must elect whether the property will be purchased as tenants in common or joint tenants. Joint tenants is when you both own the property, but not in distinct shares. Where one party dies the other party automatically inherits/owns the entire property. Due to the right of survivorship, the deceased cannot leave their undefined share of the property to someone in their Will due to the surviving tenants’ rights under joint tenancy.
When selling your property, it is vital that all keys to the property be left with your selling agent prior to the settlement time so the new purchasers can collect the keys after settlement has been confirmed by the vendor and purchaser’s solicitors or conveyancers. Keys also include access remotes such a garage door remotes, security and access codes and keys to other areas such as sheds and garages.
For more information on the A – Z of Conveyancing check out our other posts:
The Letter A: Adjustments, Amendments, Auctions
The Letter B: Breach, Broker, Building Contract, By-Laws
The Letter F: Final Inspection, Finance, Fittings & Fixtures
The Letter G: Grants, Guarantee/Guarantor, Goods & Services Tax
The Letter H: Holding Deposit, Home Loan
The Letter I: Inclusions, Inspection Reports, Insurance