Joint Venture Agreements Are A Must!

Joint Venture Agreements are a Must - blog by Real Estate Buyer Services Brisbane & North Lakes. Image of a Bribie Island home's entertaining area.

Are You Considering Buying Property with Someone Else?

Maybe you’re looking for a more affordable way to purchase property and are thinking about forming a partnership (joint venture agreement) with someone else?

You might be convinced that you know the person you want to buy Real Estate with… But do you really?

Don't Leave Your Decisions to Chance

Making a formal document before purchasing property with a second party can help you both agree on what would happen should circumstances change for either party.

Some Changes for You To Consider Are...

  • One partner wants to sell, and the other does not
  • What if the other party cannot afford to buy the other out of the property?
  • Will the divorce of one partner affect the other?
  • Death of either partner or both (have your wishes known)
  • Agreement what to do if the property does not perform as expected
  • Agreement what to do if the property does not sell within a particular time frame
  • How will you agree on the market value of the property?
  • Can either party live in the property?
  • What if one party loses their job and cannot pay the mortgage?
  • Who pays for repairs, rates and outgoings?
  • How will rental funds be distributed?

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The risk of not having a formal document can mean that a court agreement may need to be put in place if a forced sale is required. Your legal professional can help you to make sure everyone’s expectations are clear from the beginning.

This is not legal advice, you should obtain legal advice in relation to your own specific circumstances.

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