Property Co-ownership is a great idea when you want to enter the property market or even step further up it e.g. A joint holiday home or even flipping a property and re-selling it.
There are however a few questions and requirements that need to get asked and done before making this decision with your best friend, family member or work colleague, as this is a long-term arrangement:
Are you both financially secure?
Do you both have an excellent credit rating?
Are you able to sustain the additional costs that come with a property?
Have you done a joint financial assessment, determining how much you can both afford and how much finance is going to be required?
How are costs going to be split should you decide to sell the property?
Who will maintain the property and the day to day expenses?
What will happen should one owner die?
What if your friendship or relationship dissolves?
It would be highly advisable that all the above situations are placed in a property co-ownership agreement. This way, no party will be left carrying an additional burden.
Please contact jackie@leeandmcadam.co.za or keith@leeandmcadam.co.za, who can assist with all processes from the idea of purchasing a property to the transfer and registration of the property.
Message Us on WhatsApp