Who will own it
The bottom line
The names and the ownership type on the front page decide what happens if one of you dies or you split.
Two people can own a home as joint tenants, where the survivor takes the whole property automatically, or as tenants in common in shares, where each share passes under a will. Friends buying together, parents going on the title to help, and family trusts each need different paperwork.
This is a decision for before the agreement is signed. Changing the buyer afterwards needs a nomination, and the bank may have to re-approve the loan.
Read this
The five most common forms of property ownership in New Zealand
Do this
Agree with your co-buyer how you will own it and in what shares
Check yourself
What happens to a joint tenant's share when they die?
It passes automatically to the surviving joint tenant.
Which ownership type lets you hold unequal shares?
Tenants in common.
What is needed to change the buyer after the agreement is signed?
A nomination, and possibly the bank's re-approval.
Talk it through
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