The PodProperty Co-ownership Agreement regulates the relationship between the co-owners by including the following provisions: an indemnity in respect of each co-owner against liability caused by any failure of a co-owner to fulfil his or her obligations under their … Continue reading
What is in the PodProperty Co-Ownership Agreement?
Selling a share in a co-owned property. The Co-Ownership Agreement explained
PodProperty’s Co-ownership Agreement deals with what happens if one of you wants to sell their share in the property. The following options are available to you: Let someone else move in and pay your share of the mortgage. This way, you … Continue reading
What is a Co-Ownership Agreement / Co-Ownership Contract?
The term “co-ownership agreement” refers to a contract between parties who own property together as “tenants in common”. It can cover many different types of relationships, including groups of friends, family members, defacto partners (either heterosexual or same-sex) or any … Continue reading
Questions & Answers About Property Co-Ownership in Australia
If you have a question about property co-ownership, tenancy in common, co-ownership contracts & agreements, PodProperty or the services we offer, scan over the answers to the questions in orange below. If you still can’t find your answer, call us … Continue reading
Am I in a de facto relationship?
The term “de facto relationship” is defined in the Property (Relationships) Act 1984, a copy of which can be reviewed here. In determining whether two persons are in a defacto relationship, the court will take into account all of the … Continue reading
Is the PodProperty Co-Ownership Agreement suitable for me?
You must be a co-owner of a property or intend to be a co-owner of property. We treat each person who owns or will own an interest in the property as a “Tenant-in-Common” as a co-owner. Tenancy in common is … Continue reading
How does group finance work?
Presently, Australian lenders do not offer separate loans for people who borrow together to purchase a property. Please note that co-borrowers will be jointly and severally liable for each other’s obligations under the loan.The good news is that many lenders … Continue reading
Do I need to obtain independent legal advice?
If the parties to the agreement are married, de-facto or in a domestic relationship, each party must have received independent legal advice and have obtained a certificate from their advisor in the appropriate form.
Is it better to be tenants in common and joint tenants?
Tenancy in common is a principle of property law in Australia that allows two or more people to own property together. Unlike joint tenancy, each party can bequeath his or her interest through their will to beneficiaries of their choosing … Continue reading
Mortgage Default: What happens if I am a co-borrower and one of us defaults?
Remember that if you are co-borrowers, you are jointly and severally liable for each other’s debts. Under standard mortgage documents, borrowers are typically in default 14 days after missing a single payment, even if only one co-borrower is in default. … Continue reading
What is the difference between tenants in common and joint tenancy
Joint tenancy is the holding of property by two or more persons in equal shares. If one owner dies, his or her share will automatically go to the other partner(s), irrespective of any provisions made in a will. This kind … Continue reading
What is the First Home Owners Grant?
The First Home Owners Grant is a scheme established by the government to help first home buyers to purchase their first home by offering a $7000 grant. To be eligible for the grant, applicants must meet the following criteria: At … Continue reading
What happens if I don’t have a co-ownership agreement? Can I force my co-owner to sell?
Where the co-ownership is not working out, the common sense approach would be to sell the property and divide the proceeds of sale. This is normally done by agreement, but if not possible, one of the parties may bring an … Continue reading
Accounting issues resolved: How do you account for income from rent if you are a co-owner?
If you derived rent jointly (or in common) with another person from a jointly held property where you were not a member of a partnership carrying on a business of renting out properties, include your share of rent and expenses … Continue reading
What happens if I am contributing more to the deposit?
A common question is what happens if someone contributes a greater share towards the deposit, but you still want to own the property in equal shares. One way to deal with this is to acknowledge in your Co-Ownership Agreement that … Continue reading
What is in the letter of advice prepared by PodProperty’s lawyers?
As part of our service, PodProperty arranges a letter of legal advice explaining the PodProperty Co-Ownership Agreement and how it affects your legal rights and obligations with respect to the co-owned property. The letter of advice explains the PodProperty Co-Ownership … Continue reading
Can all co-owners receive the First Home Owners Grant?
To receive the First Home Owners Grant (FHOG) all co-owners must meet the eligibility criteria, otherwise the grant is forgone. However, co-owners will only receive one grant of $7000 for the property they are purchasing. They cannot obtain a separate … Continue reading
Selling the Property if you can’t agree on a buy out
Co-Owners might decide to go their separate ways. It happens. Our co-ownership agreement includes rights to buy out and rights to sell out. However if there is a stalemate, we require the Co-Owners to sell the Property on the open … Continue reading