22/08/2025
Friday Tip: If you are buying property together with someone else; a friend, a partner, and so on, make sure you take care of the following:
1. You should both be reflected in the Offer to Purchase as the Purchasers, this in turn means that both your names will reflect on the Title Deed (this is just not optional if you want to be able to enforce your rights to a share of the property);
2. You can have several parties investing in a property together, you would need to mention the percentage share that each party will hold;
3. Enter into a Co-Ownership Agreement (super important). This does not replace the need for being registered as a co-owner in the Title Deed, but it is crucial in regulating the relationship between co-owners by addressing the nitty-gritty stuff upfront, like the nature of the agreement, what contribution each co-owner will make, who pays for rates or maintenance, what happens if the property is rented out, what happens if there is breach and one partner stops contributing, or worst-case scenario, if the relationship falls apart.
