Co-ownership agreement

A written agreement put in place before family members buy a property together that documents each person's ownership percentage and financial contribution, and sets out what happens if circumstanc...

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• referenceDefinition: {"term":"Co-ownership agreement","definition":"A written agreement put in place before family members buy a property together that documents each person's ownership percentage and financial contribution, and sets out what happens if circumstances change, for example if one owner wants to exit, passes away, or loses their income. It commonly records contribution, control (who decides on matters such as renovating, holding or selling) and exit or buyout arrangements. A clear agreement helps reduce disputes over who is entitled to what, but it does not remove every risk: in NSW any co-owner can apply to the court for the appointment of trustees to sell the property under s 66G of the Conveyancing Act 1919 regardless of a private agreement, so a co-ownership agreement manages rather than eliminates the risk of a forced sale. General information, not personal advice.","primarySource":"https://classic.austlii.edu.au/au/legis/nsw/consol_act/ca1919141/s66g.html"}