What's happening?
Where two or more people own or share a property together, such as friends, family members or couples, a written agreement can set out how costs, use and eventual sale of the property will be handled. Without one, arrangements often rely on informal understandings that can be difficult to enforce if a disagreement arises.
What could it mean for me?
- Verbal understandings can be difficult to prove or enforce later
- Unequal financial contributions can create disputes if not documented
- Disagreements about selling or refinancing are more easily resolved with agreed terms in place
- Circumstances such as separation or death may not be addressed without a written agreement
What are my options?
- Put a co-ownership agreement in place at the outset of a joint purchase
- Document any change in financial contributions over time
- Include agreed processes for resolving disagreements or an eventual sale
What happens next?
- Discuss the arrangement and each party's expectations
- Draft an agreement reflecting what's been agreed
- Review and finalise the agreement with all parties
How can MGE Lawyers help?
We prepare property agreements tailored to the parties involved, aiming to reduce the risk of disputes by setting clear expectations from the outset.