Are you considering buying a property with another person? Maybe you’re looking to get on the property ladder by purchasing with a friend, a relative, or with a partner to whom you’re not married? Buying property with others is a common arrangement, but one that can be fraught with pitfalls. If you don’t plan well BEFORE you buy, it could have unintended consequences later.
In this episode of Real Estate Matters, Toni talks to conveyancer Nikki Anderson about some key terms to be aware of when buying property with others, and what things you should consider before you put your name on the title. Nikki also gives Toni some examples of different arrangements you may want to consider when buying property with others.
By the end of this episode, you’ll understand the difference between joint proprietors and tenants in common, and the implications for stamp duty if one of you decides to move on to another property. You’ll also learn about percentage ratios and what happens to your property if one of the partners should pass away.
About Nikki Anderson
Nikki Anderson is a conveyancer with Anderson Property Transfers, a family owned and operated conveyancing firm. At Anderson Property Transfers, Nikki helps residential clients transfer titles, settle properties and liaise with financial institutions when payments are being made.
- Can you buy property with friends?
- Joint proprietors versus tenants in common – what’s the difference?
- How to decide the percentage ownership of each partner
- Who owns the property if one partner dies?
- What to do if one partner wants to sell their share of the property
- The implications on Stamp Duty if one partner buys out the other
- How do banks handle mortgages when buying with friends?
- What decisions you need to make BEFORE you buy with another person
Connect with Nikki Anderson
Anderson Property Transfers
PO Box 116
Lynbrook, Victoria 3975
Phone: (03) 9799 3509
Fax: (03) 9799 3272
Toni welcomes questions and comments! Feel free to email her at firstname.lastname@example.org!