Joint Family Ownership In Property – Client Example

Joint Family Ownership In Property – Client Example

Whilst property ownership can be an excellent investment, sometimes people need the help of family in order to have enough funds to finance the purchase of a property, or to help them get it across the line.

Sometimes when these joint ownerships in property are set up, not all owners are across the ‘nitty gritty’ details of the contract or the intricate legalities. Generally that’s something that’s left to your property lawyer to figure out and finalise on your behalf.

But what if an important detail or set up of the ownership isn’t run past you or you don’t fully understand some of the legal terminology?

Today we discuss a client example from TY Lawyers Chatswood - expert property lawyers and conveyancing lawyers in Chatswood, who helped their client get compensation from a lawyer who set up their property ownership with an error, causing a lot of time, worry and finance to get to the bottom of it and sort it all out.

TY Conveyancing and Property Lawyers Chatswood help everyday clients in their property legal requirements!

Client Case:

A client came to us and requested us to assist them in transferring a property between family members. 

They were initially informed that the property was set up as Tenant in Common (TIC) between the mother and the daughter (50% each). The daughter got married and wanted to transfer her 50% to husband. 

As it was their current residential home at the time, they would have been exempt from stamp duty when the daughter transferred her 50% to her husband. 

Before our property lawyers at TY Chatswood prepare this property transfer, a title search is done and found that instead of TIC, the property was Joint Tenant (JT). 

This means that the mother and the daughter jointly own 100% of the property and they cannot transfer just the daughter’s portion by itself, as legally both of them together own 100%.   

Therefore, to solve the problem, the client has to transfer 100% share of the property. Although the mother and the son-in-law are related, this relationship is not exempt from stamp duty with the transfer. 

The couple therefore is required to do a valuation report and have to pay over ten thousand dollars of duty based on the current market value.  

Not to mention also the additional valuer fee, legal fee and time involved in the whole transfer. 

TY Property and Conveyancing Lawyers Chatswood also took on the case to get their former lawyer, who help them buy their property for mum and daughter in the first place, to indemnify their loss. 

The mother and daughter had to dig up very old history and emails as evidence of the former lawyer’s fault in the first place. 

It took them almost a year to get the compensation from their former lawyer, however, in the end, it was a successful case. 

This client example shows why it’s so important to deal with a professional, knowledgeable and trustworthy property and conveyancing lawyer for all property transactions. 

At TY Lawyers Chatswood, we ensure you have peace of mind by taking care of the many legal documents, checks, inspections of the property, and lodgements to avoid mistakes that can lead to costly expenses, fines, or legal complications.

Our extensive experience in property conveyancing has allowed us to develop a system ensuring the conveyancing process is stress-free and predictable.

Our property lawyers and conveyancing solicitors at TY Lawyers Chatswood will organise legal documents, inspections and will look for any restrictions or possible lawful issues regarding the property. We will also manage the settlement, transfer of funds and post-settlement proceedings on your behalf.

We always closely communicate with our clients as we hit every milestone and provide them with a scheduled roadmap of what to look forward to as we take great pride in helping our clients achieve their dreams as property lawyers in Chatswood.

Get Help With Your Property Transaction!

No matter how complex or even how simple your property transaction is, take the hassle and headache out of it by engaging TY Lawyers Chatswood.

Our conveyancing solicitor and property lawyer team in Chatswood will provide assistance, guidance, advice and help along the way to ensure everything is done right and so you have peace of mind.

We’re here to help.

Contact us today to discuss your requirements and one of our experienced property lawyers or conveyancing solicitors in Chatswood will be able to assist you.

Call TY Lawyers Chatswood on: (02) 8007 0135.

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