Have you bought a property with someone or thinking about buying a property with someone as an investment?
Buying a property can be a very stressful but exciting time, particularly if you are buying a property with a friend or a partner. It is important to identify the terms of the purchase prior to entering into the contract.
A Co-Owners Deed will help you set out the obligations of each owner. A well drafted document should cover:
- what happens if one person wants to buy the other owner’s interest?
- what happens if one person dies?
- how will the property be owned – as joint tenants or as tenants in common. If held as tenants in common, will it be a 50/50 ownership or in differing shares?
- what are the initial contributions being advanced by each owner?
- how will the bills be paid and in what proportions (including rates, outgoings, taxes and insurance)?
- what happens if one owner defaults in mortgage repayments?
- what happens if a dispute arises between the owners:-
- can one owner acquire the interest of the other owner?
- can one owner force the sale of the property?
- how will the costs of improvements or renovations be shared?
If you have already purchased a property with another person, a Co-Owners Deed can still be prepared.
The solicitors at Mullane & Lindsay have the experience to advise you on the terms to be included in your Co-Owners Deed and prepare a draft agreement for your consideration.
