Hi Ethan,

Thanks for your suggestions. They resonate.

An update for all who are interested…

A few days ago the owner came to my door with a copy of the survey that has been completed – at the request and expense of one of the potential buyers – to discuss the issue with me.

He indicated that he has two offers. One from a buyer who doesn’t care about the boundary issue, and one from a buyer who does. The offer from the buyer who cares is significantly better than the other.

The documented encroachment in the survey is different from what the real estate agent initially conveyed to my wife.

The alleged encroachment is actually 0.14m at the street front and 0.12m at the end of the neighbouring block, which is where my brick wall is.

Long story, short; the corrugated fence could be moved to reflect the surveyed boundaries without requiring that I knock down my brick wall.

The owner said that he would be prepared to move the corrugated fence and bear full costs, if I am willing to play ball.

Thanks Terry, I may have used the wrong language or have a flawed understanding of roles.

I meant that I would engage someone to check the boundaries of my property to see if their assessment is in line with the other owner’s assessment.

Perhaps I meant surveyor?

Do you think this would be a useful step?

Is this task something that a conveyancer would usually do at settlement?

Thanks again,
~B

Terryw, thanks for the resources.

Should I infer from your first link that the written co-ownership agreement that I have with my other three partners IS legally recognised, even though the title and mortgage are in my name alone?

Regarding the second link, how should the the rental income be calculated?  Would it be 2x$300(2 party share of the loan repayment)+$100(agreed cost for full use of the property in my absence) or just the extra $100?

Terry, thank you again for your consideration and reply.

The final option that you mentioned (buying in one name and having an agreement to share things) is the one which we will adopt for this property from the outset.  It's fair to say though that I have some doubts about the legal enforceability of the obligations and responsibilities that we include in an agreement formed between the four of us that is made without a full (or even reasonable!) appreciation of the law of property within Australia.

I know that there's no substitute for professional legal advice but I have a sense that it will not come cheap and so I would like to be as well informed as possible ahead of seeking such advice!

Thanks again.
B

Thanks Richard.

We are not wedded to the idea of forming a Trust if this is not feasible or an effective way of protecting the interests of all co-investors – but it is an option that we'd like to investigate further.

At the time the property was purchased it was not our intention to co-habit.  Since that time co-habitation has become a highly desirable arrangement for everyone.  We have reasoned that if we are to co-habit for an extended period of time then we would aso like to co-invest and collectively enjoy the benefits of living in our own property rather than have one couple continuing to pay rent.

It is our intention that in time we will purchase a new property together for investment purposes in either all 4 names or as 4 unit holders.

Thanks again Richard.