WA Property Law - Which Tenancy is Best Suited for 3 Parties?

[Hoang Trang]

Hi everyone,

About to purchase a property jointly with myself, my mother and my partner. 33% share each and funds and equity contributed only from myself and mother. I have 2 children from a previous marriage and currently in a de facto relationship

My mother wishes to protect her share in the event my partner and I separate and also wishes to include it in her will. I want to do everything I can to protect my share plus other assets for my children.

Any help on which tenancy is best suited under property law?

 

[Tim W]

Don't do 33% unless you're all putting 33% money in.

If your de facto is not putting in any money,
then buy it in the name's of yourself and your mother only - as joint tenants.
That way, the de facto is (mostly) "kept out of it",
and (assuming all her other debts are settled by the rest of the estate)
you inherit your mother's share automatically upon her death.

If your mother is a Centrelink client, then you need to factor in
that a share in a house, that is not her own principal place of residence,
may have an impact on your mother's Assets Test position.

It may not seem so, but this is quite a complex transaction,
and you really should get the advice of a solicitor
to get it set it up properly.

 

[Rod]

If you do get a solicitor and want additional protection, ask them about also drawing up a binding financial agreement with your de facto.

 

[Tim W]

Yeah.
Actually, house or no house, do a BFA anyway.