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Price
($AUD):
$110
Platinum Price ($AUD):
$99
[?]
Estimated Time to Build: 9 - 24 Minutes
Jurisdiction: Australia Wide
Printing and Binding (Optional) [?]:
• Regular Binding - $41.8
Download the Co-Owners Agreement Checklist
Sample is not available for this document.
Yes. It is very important that you describe the property properly. You want there to be no doubt whatsoever as to which particular property this Agreement is in relation to.
You may wish to attach a copy of the Certificate of Title for the property and the Offer of Purchase and Sale of Land to this Agreement once signed.
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If you own an asset with another person, you can only own it in 2 ways: Joint Tenants or Tenants in Common.
If you own the property as Joint Tenants then when you die your interest goes to the survivor.
If you don’t own the property as Joint Tenants then you own the property as Tenants in Common. If you own the property as Tenants in Common then when you die your bit of the land (e.g. 25% or whatever it is) goes according to your Will.
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Pretty much only married or Defacto couples would consider holding assets as Joint Tenants. Let us say you purchased a property with your friend. If you died, wouldn’t you want your interest in the house to go to your spouse? Non couples generally purchase property as Tenants in Common.
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Just take a look at a copy of your Certificate of Title.
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Tenants in common in equal shares hold the property equally. I.e. Mia and Michelle own the property as tenants common in equal shares, and therefore each own a 50% share.
Tenants in common in unequal shares means that the property is held by two people, but not equally. For example, Simon owns 75% of the property, whereas Oscar owns 25% of the property.
See the hint “What is the difference between joint tenants and tenants in common” for an explanation of joint tenancy versus tenancy in common.
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The % sign is already in. Please don’t type it in again.
The interest in the Property is the portion or share of the land and fixtures that each Co-Owner will own.
You can only express that interest as a percentage. For example you if you had 1/3 and your friend had 2/3rds then you would type in for yourself 33 1/3 (leave of the percentage mark). For your friend you would type in 66 2/3 (again leave out the % mark).
For example if you typed in 75 then this means that this person has 75% of the property.
At the end of the day all Co-Owners' interests when added together must equal exactly 100%.
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If the Co-Owner is a human then you need to put in their first name, their middle name and their surname.
You do not need to put anything in the 'ACN' field. Only companies have an 'ACN'.
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If the Co-Owner is a company, you do not need to put in a first name or a middle name. But you must put in a company name and an 'ACN' in the appropriate fields. The 'ACN' stands for Australian Company Number. Every Australian company has one. You need to use the ACN on all important documents - such as this one.
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No. This document only works if there are two co-owners. You should seek specific legal advice to record your transaction instead.
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If you are joint tenants, leave the percentage interest blank. This document will automatically record that you own 50% each.
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The % sign is already in. Please don’t type it in again.
The interest in the Property is the portion or share of the land and fixtures that each Co-Owner will own.
You can only express that interest as a percentage. For example if you had a 1/3 share and your friend had 2/3rds, then you would type in for yourself 33 1/3 (leave out the percentage mark). For your friend you would type in 66 2/3 (again leave out the % mark).
For example if you typed in 75, then this means that this person has 75% of the property.
At the end of the day all Co-Owners' interests, when added together, must equal exactly 100%.
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If you and your co-owner are tenants in common in unequal shares, you may want to carefully consider whether this document is right for you.
This is because this document gives each co-owner equal voting rights on all issues. If you wish for tenants in common in unequal shares to have voting rights in proportion to their Interest in the property, then you will need to discuss this with your lawyer.
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This document does not provide for a situation where Co-Owners have contributed deposits that are unequal to their Interest in the Property.
For example, Charlie and Molly are friends. They have purchased an investment property for $500,000 as tenants in common in equal shares. Charlie contributed a deposit of $75,000, whereas Molly contributed $100,000. Charlie and Molly decide not to use this document, as it cannot record that Molly is entitled to an extra $25,000 upon sale (plus interest savings). Charlie and Molly are told by their accountant to see a lawyer to prepare a deed that covers their situation.
If both Charlie and Molly had contributed the same deposit amount, they would be able to use this document.
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Yes. You can:
• Live in the property;
• Mortgage your share of the property; and/or
• Use the property as an investment property.
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This document has been prepared by the law practice Law Central Legal
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