Co-ownership of property is something we are seeing more of at the moment so I thought it worthy to resurrect this Blog Post from over 10 years ago now.
Co-ownership can include but not be limited to;
One person buys the land & someone else pays to build a house on it to live in.
Parents lending money to one of their children to purchase property.
Friends pooling resources to purchase a property together.
Issues that can arise much later include one part owner loading the property up with debt (gambling, drugs, reckless decisions), separations, disputes, do people just get their funds returned or a share of any increase in value, tax liabilities.
Some parts of that earlier blog may be slightly out of date but the most important message remains. There can be great benefits from a high % of these arrangements that work well.
BUT Get sound independent legal advice and get written agreements in place in advance.
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