Buying Property Together With Friends, Family or a De-Facto? Let PodProperty arrange your Co-Ownership Agreement for just $350 per co-owner. Useful Links about Property Co-Ownership:
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| Tenants In Common - What You Need To Know Mortgage Default: What if I am a co-borrower and one of us defaults? Renovating? Find a great builder here Moving house? Cheap Furniture RemovalsTo speak to PodProperty customer support, call 1300 791 782!
A well-drafted Co-Ownership Agreement: The PodProperty co-ownership contract is a legal document which sets out the rights and obligations of each person with a share in the property. It can also be used to set out how the co-owners want to deal with any other issues related to the property. PodProperty charges $350 per co-owner. Group finance: A co-ownership mortgage is a joint home loan given to multiple people based on their criteria together, rather than individually. Groups of property buyers often apply for a joint mortgage because it allows them to combine their incomes in order to qualify for a higher loan amount, than would be possible individually. The co-borrowers will be jointly and severally liable for each other's debts. One of the biggest differences when buying with friends is what to do if one party wishes to sell the property or is unable to meet their share of repayments. PodProperty's Co-Ownership Agreement willset up a default regime so that the co-owners can manage any default that occurs with respect to the co-owned property.
A conveyancer:
Conveyancing refers to the process of preparing for the transfer of the legal title to property from one person to another. In your case, it will be transferred into your name and the names of those you are buying your home with. As part of this process, the lawyer will undertake a range of inquiries relating to the property and carry out a number of checks which can take from 6 to 8 weeks to complete. These inquiries are normally completed before the date selected for settlement which will have been set out in the contract for the sale of the property. PodProperty's costs are here. We can arrange for a lawyer to carry out the conveyance of your property once you have exchanged contracts.
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