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.