As joint tenants you own the property equally together and if one tenant dies, the surviving joint tenant receives the remainder interest in the property. As tenants in common, you elect shares of ownership i.e 40% to one tenant and 60% to the other. Under a tenancy in common, if one tenant dies their interest in the property is an asset of their deceased estate.
Short Form Cost Client Agreement The Law The Legal Profession Act 2007 requires that law firms make certain disclosures to their clients in matters where the anticipated professional fees are greater than $1,500.00 (plus GST) Our Policy Our policy is to provide all clients, irrespective of the amount of their estimated professional fees, with a concise set of written guidelines, to clarify what we should expect from each other, but without the burden of producing a long involved written agreement. Scope of Work and Fee Estimate These are shown in the table below. The Estimate is an indication only. The firm is not bound by it. Terms of Payment Our terms of payment are within 7 days of the date of invoice. Payment can be by cash, cheque, direct credit, Visa or MasterCard. By instructing us to do your work, you agree to abide by our terms of payment. Interest (Reserve Bank Cash Rate + 1.75% pa) and late fees $35 + GST per invoice, apply to unpaid accounts. GST All our pricing and estimates exclude GST. The applicable GST will be added to your invoices. Professional fees – office charges These are fees in respect of support services including phones, photocopying, facsimiles, electronic reproduction, emails sent and received, etc and are assessed at 5% of professional fees excluding disbursements and GST. They are additional to the fee estimate on this page. Disbursements Specific costs incurred by us on your behalf (e.g., bank cheques, searches etc) will be charged to you individually at actual cost to us. Where large disbursements are involved (such as payment of government duty) we will require you to pay the relevant amount into our trust account in advance. If a figure is shown in the table below, it is an estimate only and we are not bound by it. Trust Authority By signing this agreement, you authorise us to transfer from our Trust Account to our General account such funds on account of professional fees, disbursements and GST as may be necessary to pay our invoices, which will be rendered to you from time to time in the conduct of your matter. You further authorise us to pay directly from our Trust account any third party disbursements properly incurred on your behalf. Destruction of file You agree that the Law Practice may, at the sole discretion of the Law Practice, destroy your file relating to this transaction after the expiration of thirty (30) days from the date of completion and you understand the Law Practice shall only retain an electronic copy of your file for seven (7) years after the completion date. Description of Work: To peruse REIQ Contract and provide written advice Estimate of professional fees: $480.00 + GST Estimate of disbursements: $20.25 (title search) Sum required in our trust account before work can start: $548.25 - your solicitor will send you an email with our trust account details and a cyber security notice . Please call our office to confirm our bank details. Lawyer assisting you: Dominic Doan