Co-ownership Real Property agreement (often referred to as Tenants in Common) is often used between siblings or friends buying a house together or partners/colleagues choosing to collaborate in a Joint Property purchase.
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The Law4US Co-ownership (Common) Real Property agreement is used when two or more parties wish to buy a real estate asset together. Be it a home, industrial or commercial property, a written agreement between the Co-owners is essential to protect the interests of the parties involved.
The Co-ownership (Common) Real Property agreement (sometimes referred to as Tenants in Common) is commonly used between siblings or friends buying a house together or partners/colleagues choosing to collaborate in a Joint Property purchase. It will detail all the agreed conditions regarding "money in/money out", loan and servicing liability, the period of holding the asset and how the relationship is structured.
Law4US has identified the 3 most common uses for the Co-ownership property agreement.
1. Jointly owned property which will be occupied by both the co-owners;
2. Jointly owned property where it is purchased as an investment property and will be rented to a third party;
3. Jointly owned property which will be occupied by one of the Co-owners but not the other.
The agreement will be applicable in all the above situations with any rent received or payable by the co-owners (ie.one or more living in the property) to be treated as normal distributable income.
The Law4US Co-ownership agreement is a detailed 12 page document that covers key provisions such as:
The parties, The property details, The Term, Ownership details, Obligations of the parties, Property maintenance, Bank Accounts, Mortgage obligations, Use of the property, Insurances, Default and much more!
The Law4US Co-ownership Real Property Agreement has been professionally drafted by Australian property lawyers. It is written in easy to understand plain English and can be used in ALL Australian states and territories. The document is immediately available as a Word document. Simply copy to your file and insert the correct information.
Law4US, on behalf of its customers, has negotiated exclusive Fixed Price Legal Advice available on all its documents. The cost of the advice is unparalleled and represents outstanding value. All advice is rendered by a registered Australian lawyer and a standard client/lawyer relationship applies.
Please refer to Fixed Price Legal Advice in the main menu for all information relating to this service. Should you wish to avail yourself of this exclusive service, please send a contact request through the website or call us and we will contact you within 24 hours.