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Finance Options: Property Co-ownership.

It can actually make or break the purchase in both financial and lifestyle goals.

What is co-ownership?

Co-ownership is a way of sharing the ownership of a property between two or more people - friends, family members or partners. it has two principle forms - tenants-in-common and joint tenants and it is absolutely essential that you understand the differences, applications and consequences of each so your property purchases can maintain the most effective structure for you.

It can actually make or break the purchase in both financial and lifestyle goals.

For investors, it involves:

Sharing the ownership of an investment property has many advantages. You can split the cost of purchasing the property (like the purchase price, legal fees, conveyancing, stamp duty, building reports etc) which means you can get into the property market at a fraction of the cost you would pay if you were buying on your own. You can also pay your mortgage off sooner and get a good return on your investment.

A co-ownership agreement

In the you choose a tenants-in-common co-ownership, you will most probably need a co-ownership agreement. If you're ready to take advantage of the benefits of co-ownership, it's important to get a legal expert to make sure the co-ownership process goes smoothly. Even though you may not intend to occupy the property, co-owning an investment property can present investors with a number of tricky issues, so it's vital that you get your intentions & rights in writing.

A co-ownership agreement is a legal document which sets out the rights & obligations of each person with a share in the property. It deals with all the important issues upfront, like what happens when one person wants to sell their share, when someone defaults on their mortgage payments and more. Most importantly, a Co-ownership Agreement is legally binding on each of the co-owners, to ensure there are no legal hassles down the track.

What's the legal principle behind co-ownership?

Tenancy in common differs from joint tenancy in a number of ways, especially when it comes to passing on your share of the property, owning land in equal or unequal shares and what happens in one party dies before the other(s). For a great source of information about co-ownership and the benefits of investing in property with friends or family, download our article "Co-Ownership - things to consider" Guide from our web site.

Download the full article on Property Co-Ownership from the image below

Property Co-ownership

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