Property Law: 05 February 2024
Author: Rob Bradley - Our People
Whenever two or more people agree to combine resources in order to purchase a property together, if the Family Law Act (1975) does not apply, a co-owners’ agreement setting out the expectations, rights and obligations of the parties is an almost indispensable first step.
However, because of the myriad of circumstances that might eventuate, it is very difficult to conceive of an agreement that will cover every situation. Realistically, all you can do is, reduce the number of matters that might lead to disputes later.
Even when one of the parties is “the bank of mum and dad” or the parties are close friends, it needs to be borne in mind that circumstances change, employment and good health are not always guaranteed and down the track, you might be dealing with a third party such as a trustee in bankruptcy or an executor; a matrimonial dispute affecting one party might also impact upon that party’s ability to act in accordance with expectations.
Remembering that ownership of an interest in the property is likely to be one of your most valuable assets, legal advice should be obtained to craft an agreement that suits your circumstances.
Some of the matters commonly catered for include the following.
If you find yourself in need of advice regarding co-owners’ agreements, please do not hesitate and contact Robert Bradley or Bao Ngo on 8600 6000, for appropriate advice today.