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As housing prices are at an all-time high, buying a property with family or friends is becoming a more popular option for Kiwis. It could work out exceptionally well, just like any relationship or business arrangement, but there are also risks involved. If things are handled poorly, buying a home together can cause a lot of stress and financial hardship.
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The best way to enter an agreement such as this is to first discuss every possible scenario, both positive and negative, before signing on the dotted line. What if the other party wants to sell before you do, or what if an expensive problem pops up? What happens to the home if one of you dies, has a loss of income, or wants to expand or renovate?
Co-ownership of a home can be a great idea, but it is absolutely essential to get good advice and a solid, workable agreement in place. It’s important to work things out with each other in great detail and to cover yourself legally. You’ll need a co-ownership agreement that spells out the details around ownership and the financial responsibilities of each party.
Our experienced team can advise you on the risks and benefits, as well as on the process involved including what to expect from banks or other lenders around financing the purchase. We can help you draw up an agreement and make sure that you are as protected as possible from a legal perspective.
Feel free to contact The Law Shop team – 0800 LAW SHOP – team@thelawshop.co.nz. We are happy to explain the ins and outs of co-owning a home and we can help you make the process easier.