Create a Transfer NSW with mixed tenancy

[Justine]

Hi, 

How do I create a NSW Transfer with mixed tenancy i.e. 6 purchasers being 3 couples with joint tenancy as to 1/3 share for each couple ?

Thanks

J 

[Ames]

Hi @Justine

First create all your parties.

Then create your transfer document and select Tenants in Common. Next to each party’s name you’ll see an Action Cog, where you can select “add joint tenants. Add a joint tenant where required, then don’t forget to remove that party as a separate tenant in common (again using the Action Cog).

Ames

[Karen19]

This helps a little but the parties which we act for are not holding in equal shares; they are holding 80/20.  How do I disclose one party will hold 80% share and the other 2 people hold 20% as joint tenants and all 3 to hold as tenants in common in unequal shares.

[Ames]

Hi @Karen19

You'd just treat that the same as any T-I-C transfer. Once you've shown who the in common tenant groups are, you can modify the proportions.

E.g. where you see "1 of 2", change "1 of 2" to "4 of 5".

To structure the tenancy as:

A: 4 of 5

as tenants in common with

B+C: (joint proprietors) of 1 of 5

You would need to select "tenants in common".

You would then see

A 1 of 3

B 1 of 3

C 1 of 3

Then you select B and "add joint proprietor" - add C.

You would then see

A 1 of 2

B+C 1 of 2

Then amend the 1 of 2 beside each party group to the correct proportions.

Ames.