Property co-ownership has its benefits, one of which is allowing the owners to divide the costs of purchasing the property as well as its maintenance. Another benefit is you get to pay the mortgage faster as more than one person pays for it.
In Queensland, the Property Law Act 1974 stipulates that any property and any interest, whether legal or equitable, in any property may be held by 2 or more persons as joint tenants as tenants in common. Any 2 or more persons acquiring land after the commencement of this Act in circumstances in which, but for the passing of this Act, they would have acquired the land as coparteners shall acquire such land as tenants in common and not as coparteners.
Co-ownership is a more adjustable form of owning a property. Obligations can even be agreed upon by co-owners to make sure that all parties are on the same page with regard to the parameters involved.
If one of the co-owners dies, their share will be automatically transferred to the surviving co-owner.
It is important a co-ownership agreement be secured prior to purchasing a property. This will serve as your insurance in any case that disputes between the co-owners will arise. Also, a co-ownership agreement will serve as a guideline on how the property should be managed in order to avoid disagreements.
Joint ownership of a rental property still requires impartiality when it comes to decision making. You can get expert advice from a Property Manager to guide you through all matters involved in managing a rental property.
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