If you`re in Australia and looking for a way to legally share ownership of property with one or more people, a tenants in common agreement may be the way to go. This type of agreement allows two or more people to own a property together, but with distinct shares.
The tenants in common agreement outlines each person`s share of the property. This can be equal or unequal, depending on the agreement between the parties. It also includes the rights and responsibilities of each owner, including maintenance, repairs, and property taxes.
Having a tenants in common agreement is particularly useful for those who are buying property together who may not be related, such as business partners or friends. It`s also beneficial for family members who want to share ownership of a property but still maintain separate shares.
While tenants in common agreements can be costly if done through a solicitor, there are free templates available online that can be used to create a legally binding document. However, it`s important to ensure that the template is specific to Australian law, as each country has its own laws surrounding property ownership.
One such website that offers a free tenants in common agreement template for use in Australia is LawPath. This website provides a step-by-step guide to creating the agreement, as well as a free sample agreement that can be customized to fit your specific needs.
It`s important to note that while using a free template can save money, it`s still highly recommended to have a solicitor review the agreement to ensure that it is legally binding and protects all parties involved.
To summarize, a tenants in common agreement is a useful tool for sharing ownership of property in Australia. While there are free templates available online, it`s important to ensure that the template is specific to Australian law and to have a solicitor review the agreement to ensure its legality. By taking these steps, you can protect your investment and make sure that all parties involved are clear on their rights and responsibilities.