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Co-ownership Agreements

It is becoming more and more common these days for property to be held in joint ownership – not just by spouses, but by family members and even friends and workmates.

However have you thought about what would happen if:

  • one of the property owners dies – Should the surviving owner have the first right to purchase the other share from the deceased’s estate?  Or should the deceased’s estate have the right to order that the property be sold?
  • one of the owners falls into dire financial circumstances and needs to sell their interest – Again, should it be sold to other owner, or should the property be sold on the open market?
  • the property needs substantial repair and renovation – Are all owners responsible for helping out?  Is one owner responsible for organising the tradespeople?

These are all issues that can be addressed in a co-ownership agreement.  Having such an agreement in place will avoid any issues ending up in court.

Blogs:

Are you buying a property with friends or family members? What you need to know about co-ownership (Vicki Stokes, May 2016)

The importance of having a co-ownership agreement (Melissa Lammers, August 2018)

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  • 02 9526 3444
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  • Level 1, 29 Kiora Road, Miranda NSW 2228
  • Phillip Street, Sydney NSW 2000 (by appointment only)

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  • Home
  • About Us
    • Our Team
    • Testimonials
    • Fixed Fees
    • Information Sessions
    • Agency
    • Careers
  • Areas of Practice
    • Business
      • Selling a Business
      • Purchasing a Business
      • Leasing (Retail and Commercial)
      • Business Agreements
      • Franchising
      • Intellectual Property
        • Trademark Registration
        • Trademark Enforcement
        • Passing Off
      • Debt Recovery
      • Security of Payments
      • Employment
      • Bankruptcy
      • Insolvency
      • Business Succession
      • Competition and Consumer Law
    • Estates
      • Wills
      • Power of Attorney
      • Enduring Guardianship
      • Estate Planning
      • Deceased Estates
      • Estate Disputes
    • Property
      • Selling Property
      • Purchasing Property
      • Property Transfers and Refinances
      • Property Agreements
      • Certificate of Independent Legal Advice
      • Strata
      • Easements
      • Subdivision
      • Caveats
      • Leasing (Retail and Commercial)
      • Retirement Village and Aged Care Contracts
      • Co-ownership Agreements
    • Notary Public
    • Certificate of Independent Legal Advice
  • Blogs
  • Events
    • 2018 Drinks on the Terrace
    • 2017 Drinks on the Terrace
    • 2016 Drinks on the Terrace
    • 2015 Drinks on the Terrace
    • 2014 Drinks on the Terrace
  • Payments
  • Contact Us
  • BOOK AN APPOINTMENT