Have you heard of co-ownership properties before? At Tschirpig Conveyancing, we act as the legal representative in the transfer of ownership titles for residential and commercial properties, including co-ownership. If you are selling or buying property in the NT, our conveyancers are a fantastic resource to ensure a smooth transaction with all legal obligations fulfilled on all sides. Let’s take a closer look at shared ownership and how these agreements work from a Territory conveyancing perspective.
How Co-Ownership Works
Property co-ownership works as the name suggests: two or more people share ownership in a property. This agreement can be made between couples, friends, family members, business partners or other co-investors. Whether you’re buying property in the NT to live in or lease out, shared ownership presents a path to pick up the keys sooner, as the financial obligations are divided between two or more people. A Certified Practising Conveyancer is a key resource to ensure these agreements are legally sound and appropriately fulfilled by all parties.
Benefits of Shared Property Agreements
As a trusted Territory conveyancing team, we deal with many co-ownership agreements. As the cost of houses has gone up, so has the demand for shared agreements, which help alleviate the financial barriers to entry into the real estate market.
Some of the most exciting advantages to co-ownership include:
- Option to pool money with family or friends to speed up the time to buy
- Combined borrowing power and deposits
- Expanded pool of properties to pick from
- Reduced transaction and living costs
How a Conveyancer Can Help
While there are clear benefits to co-ownership, there are also important considerations, such as the risk of financial fallouts or relationship disputes. That’s why conveyancing solutions in Darwin are necessary for a smooth transaction and a secure future. Your conveyancer will walk you through the two main types of co-ownership legal agreements: Joint Tenancy and Tenancy in Common. This agreement will outline legal obligations and make expectations clear for all parties involved.
Get in Touch for Smart Conveyancing Solutions in Darwin
Feeling inspired to explore co-ownership? It helps to have a reputable conveyancer by your side to assist in the legal process and act as your representative in the property sale or purchase. Tschirpig Conveyancing is a family business with decades of experience in supporting smooth real estate transactions throughout the Top End. Contact us today to discuss your property investment and how we can help with shared ownership agreements.
