Co-buying (joint purchase)

Buying a property together with one or more other people so that each person holds an ownership interest in the title and shares in decisions about the property. Where the co-buyers are also co-bor...

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• referenceDefinition: {"term":"Co-buying (joint purchase)","definition":"Buying a property together with one or more other people so that each person holds an ownership interest in the title and shares in decisions about the property. Where the co-buyers are also co-borrowers on the same loan, they are typically jointly and severally liable under that loan contract, which means each borrower can be responsible for the whole loan, not just their share, so if one cannot meet their repayments the others must cover the shortfall. Joint and several liability is a feature of the loan contract, not of co-ownership itself. Co-buying gives each party an ownership interest but adds more moving parts than a family guarantee, which is why documenting ownership shares, contributions and exit arrangements up front is important. General information, not personal or credit advice.","primarySource":"https://classic.austlii.edu.au/au/legis/nsw/consol_act/ca1919141/"}