By JERONE BALAGTAS

Specifically under circumstances when the purchase is not with your spouse .

Joint tenancy and tenancy in common are the two most common classifications of ownership of a property .

While both arrangements give each party ownership rights and a share of the property , the main difference between these two kinds of tenancy is the fact that there are different rules concerning the death of one of the tenants .

Joint tenancy pertains to property

ownership in which each party on the title to the property holds an individual interest in the property .

An example of a joint tenancy is the ownership over a house by a married couple . In this situation , joint tenancy comes with the '' right of survivorship ''.

That means that when one of the joint tenants dies , the interest of the deceased joint tenant automatically passes to the surviving joint tenant or tenants and does not form part of the estate of the deceased .

Tenancy in common , on the other hand , refers to ownership over a certain property by parties who do not automatically have a right of survivorship ( for example friends or siblings ).

They are co-owners of the property ,

however their shares and interest over the property do not have to be equal and depend entirely on the agreed shares of the parties .

In a tenancy in common arrangement , if one of the parties dies their interest in the property forms part of the deceased ’ s estate and does not automatically pass on to any co-owner of the property .

Tenancy in common can be used as an asset protection and / or tax minimisation strategy .

The ownership percentage of an owner under this method can be dialled up or down to take advantage of being able minimise income tax or capital gains tax .

For example , a high income earner can put 1 percent ownership under their name

and 99 percent ownership to their partners name who is earning less income to reduce their income tax .

There are pros and cons to each form of ownership , and it is always advisable to speak to your lawyer and accountant before purchasing a property to determine what works best in your situation . •

Jerone is a local successful Filipino mortgage broker and one of the Executive Directors of the One Solutions group , he has 15 years experience in the accounting / finance / banking industry . He encourages anyone to contact him regarding questions pertaining to home loans , investments and finance in general , e-mail at Jerone . BALAGTAS @ onelending . com . au or 0439

594 899 .

By DOM MELLA

TENANT ’ S RIGHTS

You are entitled to ‘ reasonable peace , comfort and privacy ’ in your use of the premises . The landlord / agent must not interfere with , or cause or permit anyone to interfere with , a tenant ’ s peace , comfort and privacy .

Repairs and maintenance for details ), or c . If the landlord thinks that the premises have been abandoned , or d . In accordance with an order of the NCAT , or

The landlord / agent , or another person authorised by the landlord , can enter the premises without a tenant ’ s consent for certain purposes . See the Tenants Factsheet by Fair

Trading , for number of times entry is permitted and

means . A disagreement about what is reasonable can be settled by the NCAT .

• If a tenant disagrees with the landlord / agent about reasonable access , a tenant applies to the NCAT for an order to specify or limit the days and times on which the landlord / agent can show the premises .

• If a tenant refuses access , the landlord / agent can apply to the NCAT for an order that authorises them or any other person to enter the premises .

SHOWING THE PREMISES TO PROSPECTIVE BUYERS

• The landlord / agent must try to come to an agreement with the tenant about days and times of inspections .

• A tenant must not unreasonably refuse to agree to days and times for showing the premises . However , the tenant need not agree to more than two showings in any period of a week .

• The landlord / agent may apply to the NCAT for an order to specify the days and times that the tenant must let the premises be shown . •

LANDLORD ’ S RIGHTS The landlord , or another person authorised ( agent ) by the landlord , must not enter the premises . If the landlord / agent gives a tenant the proper notice ( if applicable ) and it has a valid purpose , the tenant must allow the landlord to enter . This applies to whether or not the tenant is at the premises at the time .

ENTRY WITH CONSENT

The landlord / agent , or another person authorised by the landlord , can enter the premises at any time with a tenant ’ s consent .

ENTRY WITHOUT CONSENT , WITHOUT NOTICE

The landlord / agent , or another person authorised by the landlord , can enter the premises without your consent and without notice , only : a . In an emergency , or b . To do urgent repairs ( see Factsheet :

entry without consent – permitted frequencies and e . If the landlord has serious concern about the health / safety of a person on the premises ( after it has first tried to get the tenant ’ s consent to enter ).

Except in the case of ( e ) above , the ‘ limits to entry without consent ’ do not apply .

ENTRY WITHOUT CONSENT , WITH NOTICE

minimum notice periods . Except as noted in the fact sheet , notice does not have to be in writing . If notice is posted to the tenant , the landlord / agent must allow an extra four working days for delivery .

SHOWING THE PREMISES TO PROSPECTIVE TENANTS – “ reasonable ” notice / number of times

• The law does not say what ‘ reasonable ’

Dom Mella is the

Managing Director / Licensee of Ray White Rooty Hill . He is also a qualified accountant with background in Finance & Investments . He ’ s been in real estate business since

1999 .