Anyone done this before ?
My wife and I can’t afford to currently buy a house in the area we want (Perth). I had a brainwave and thought that one of our friends could become a co-owner with us, and we would pay her nominal/ fair rent for her portion.
Thoughts ? Would this work ? Of course, would have to have everything in writing….
It is usually advised by people that investing with friends and family can lead to problems if a fall out happens.
You need to have a co-owners agreement via a solicitor to protect you and spell out what happens in future possible scenarios.
Like what happens if your friend decides to pull out , Does friend get capital gain if you sell at a later date or just their money back ?
Buy the property either Tenants in Common on the title
or
In a Trust arrangement – get advice from solicitor about what type of trust or ownership structure is best for you.Check out this article
http://www.netlawman.com.au/info/coownership-joint-tenants-australia.php
http://www.ezinearticles.com/?Tenants-in-Common-Vs-Joint-Tenants—Which-Way-is-Better-For-Your-Circumstances?&id=2150664http://www.lawcentral.com.au/LearnAboutLaw/CategoryDetail.asp?ID=60&pageID=582
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