Before you co-purchase that holiday or investment property with friends or family members, draw up a Tenants in Common Agreement with this easy-to-use template for Australia.
The Agreement can be used for time shares, holiday homes, or revenue properties. Provisions of the Agreement include:
- the proportion of the property owned by each co-owner;
- the time period during which each co-owner will have exclusive use of the property;
- responsibility of each co-owner for property maintenance;
- appointment of a management and letting agent;
- rental of the property;
- insurance, common costs, and utilities;
- additional capital injections;
- sale of property with and without pre-emption rights;
- mortgage or encumbrance of the property;
- market valuation;
- power of attorney;
- dispute resolution.
This Australia Tenants in Common Agreement
template is to be signed as a deed and registered at the Land Title Office.