Real property. Ali and Jing are partners in a tech start up Uni Pass Plus. They have conducted their business from a flat they rent in Paddington since 2016. They are in the process of purchasing a home and renting separate business premises, as their first child is due in six months, and they wish to have separate living and working spaces. They have seen a house in Chippendale that they would like to purchase. The house is on the market for $1.1million. Jing has an inheritance from her grandfather of $500,000 which she will put towards the purchase of the house. They will borrow the remainder from the Australia Bank. They have also been negotiating to rent business premises from the Inner City Business Hub Hub for $1,000 per week. The operators of the Hub have advised that they require a guarantee from Alis father of $26,000 being six months rent.

Ali and Jing ask your advice on the following; 1. Should they purchase the house as either joint tenants or tenants in common? Explain your reasons. 2. On exchange of contracts should they lodge a caveat on the property? 3. Australia Bank have said they will require a registered mortgage over the property. What is a mortgage and what does the bank mean when they say they want a registered mortgage on the property?