Property Conveyancing and Ownership of Land
When it comes to purchasing property in New Zealand the property can be purchased in several types of entities such as:
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Individuals.
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Limited Companies.
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Trusts.
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Partnerships.
When it comes to registration of the legal property owners on the Title it can only be Individuals or Limited Companies. In the case of Trusts and Partnerships it is the Trustees of the Trustees and or Partners of the Partnership who are registered on the Certificate of Title.
Co- Ownership relates to the situation where two or more persons are entitled to possession of the same land. Each is entitled to possession of the whole of the land rather than any particular part. The three types of common ownership which exists are:
* Tenancy in Common.
* Joint Tenancy.
* Or under the Joint Family Homes Act 1964.
Tenants in Common – exists when two or more persons hold defined shares in land. The number of shares to be allocated to each person may depend on the amount of financial contribution being invested in the property purchase or property investment. i.e It could be a share allocation of 50/50 each or 60/40 or 70/30. You would need to advise your Conveyancing Practitioner how the shares are to be allocated so they can prepare the Transfer of Land document accordingly. More importantly each owner of this type must make a provision in their estate as to who they want their share of the property to pass to.
Joint Tenants – When you are registered on the Certificate of Title as Joint Tenants each person has an equal undivided interest in the property transfer and upon the death of either person, the survivor becomes the owner of the deceased person’s interest upon registration of a Transmission Application lodged with Land Information New Zealand.
Both Joint Tenancy and Tenancy in Common give equal rights of possession to each co-property registered owner, and can also be used for real and personal property.
If you are not sure which is the best type of registration for you to purchase property in, always check with your Registered Conveyancing Practitioner.
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