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Are you considering property co-ownership?

| Published by Stefan Manche

Senior Associate Stefan Manche speaks to The Age about the significant financial and emotional risks involved,

Read the article here.

The article examines the growing trend of relatives and/or friends buying property together to help "crack" into the increasingly expensive property market. Co-ownership has started to appeal to a broader range of people as property prices continue to soar. 

Stefan Manche urged people considering co-purchasing with their relatives or friends to approach the decision cautiously; "what can happen, and we can all be guilty of this, is getting really excited about a property and rushing into the purchase without properly considering things". 

In the article Stefan goes on to explain that in disagreements  the co-owners can end up in court: It will end up in VCAT [Victorian Civil and Administrative Tribunal] and, in most cases, it has to be sold and each party takes their fund”.

If you need advice on co-ownership agreements contact Stefan Manche.

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