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• Buying and selling houses, units and land
• Leasing
• Co-ownership agreements
• Tenancy dispute resolution

Co-ownership agreements

As housing affordability becomes more difficult, co-ownership can be an appealing option for people who cannot afford to buy a property on their own. However, beware the legal pitfalls. You should agree on all the important points before entering into the purchase contract and reflect these agreements in a Co-Ownership Agreement.

Things to consider:

• Will you buy as joint tenants or tenants-in-common? On the death of one owner, a joint tenant automatically inherits the whole property. A tenant-in-common can leave their share to their beneficiaries in their Will.
• What will happen if one wishes to sell? You may wish to provide that the property cannot be sold within 2 or more years of purchase unless both agree.
• You should provide a first option to purchase to the other co-owner(s) in the event one person wishes to sell. This will avoid a court action forcing a sale if one owner wants to keep the whole property.
• You should agree who will live in the property and the rental arrangements if only one of the owners does so.
• Disputes and how to deal with them should be considered and agreement reached on who will determine matters in such cases.

Let Maleny Law guide you to a trouble-free future in co-ownership.