Ever wonder what happens to your property when you die? Well, it all depends on how the property was owned during your lifetime. There are three main ownership types, sole ownership, joint proprietors or tenants-in-common.
Sole Ownership
If you own property in just your name, upon your death this property will pass according to your Will (should you have one in place). As part of the transfer process, the property will need to first be transferred into the name of the Executor appointed in your Will, or the Administrator of your Estate (if no Will), after which it can be transferred to the intended beneficiary of the asset. The transfer to the Executor/Administrator is referred to as a Transmission application, while the final transfer to the beneficiary is referred to as a Transfer.
If the intention is for the property to be sold, it will need to be transferred to the Executor/Administrator before it can be sold. A Grant of Representation is required when dealing with property solely in the name of the deceased.
Joint Proprietors
If you currently own property as joint proprietors with another person, this property will go to the surviving proprietor on the death of one of the proprietors. When this happens, we would complete an Application by Surviving Proprietor with the titles office to register the surviving proprietor as the sole owner of the property. A Grant of Representation is not usually required for this kind of transfer.
Tenants-in-common
Alternatively, you might own property as tenants-in-common with one or more family members. For example, you might own 25% of a property and your partner owns the remaining 75% of the property. In this instance, your 25% will pass according to the terms of your Will.
To transfer property owned as tenants-in-common we first need to do a Transmission application and thereafter complete a transfer of the property into the name of the beneficiary named in your Will. Alternatively, the property could be sold while in the name of the Executor (or Administrator) and the proceeds paid to your beneficiary. A Grant of Representation would also be required in this instance.
Please do not hesitate to reach out to our team if you have any questions.